When making a major financial decision like buying a car, game-time specifics like negotiating a fair price, feeling rushed to make a decision, and the stress of such a major purchase are the top reasons for undermining shoppers’ confidence.
That’s according to the latest consumer survey by CarGurus, which polled 1,500 car shoppers this summer to find out how prepared people felt through the car buying/selling process.
Overall, nearly two-thirds (61%) of people said that negotiating the price of a car was the most intimidating aspect.
In light of these findings, CarGurus tapped former NFL quarterback Drew Brees — known for his ability to deliver under pressure both on and off the field — in a new campaign to help drivers get “game day-ready” and feel assured they’re in control and getting the best deal throughout the car buying and selling process.
“Car shoppers can identify with Drew's mindset of gathering the best information and tools available to feel confident that they are getting the best deals for their unique individual needs,” said Dafna Sarnoff, CarGurus' Chief Marketing Officer.
Why Do Car Shoppers Second-Guess Their Choice?
In addition to finding that 61% of shoppers were intimidated by negotiating on price, the poll also asked people about the top reasons they second-guessed their decisions while shopping.
The top three reasons consumers cited were:
- Not being sure what makes a fair price: 39%
- Feeling rushed to make a decision: 37%
- The general stress of making such a big purchase/commitment: 36%
Pricing concerns were also top of mind for consumers looking to sell or trade-in their old car. 50% of respondents said “getting the most money” in these transactions was the most intimidating aspect for them.
Other Factors Affecting Car-Buyers
CarGurus also explored other factors that are impacting consumer confidence in buying or selling a car today.
Overall, 87% of respondents said at least one major external concern was affecting their decision to buy or sell. Here’s a look at the specifics:
What is having the biggest negative impact on your confidence right now as a car shopper?
- Inflation: 30%
- Current interest rates: 17%
- The general state of the economy: 16%
- Lack of wage growth: 12%
- Job security: 8%
- The upcoming November elections: 4%
“The poll also found that worries about inflation, wage growth, and job security were the most pronounced among younger consumers – especially Gen Z – than other age groups,” said David Undercoffler, Head of Consumer Insights at CarGurus. “Younger shoppers were generally less concerned about current interest rates and the overall state of the economy – worries which increased as respondents’ ages increased.”
How CarGurus Can Get You Game-Day Ready
Fortunately, car-shopping platforms like CarGurus can help shoppers build their confidence by providing the tools, data, and resources needed to support their big decisions.
These features and highlights include CarGurus’ proprietary ‘Best Deal’ ratings for vehicles, tens of thousands of data-driven car comparisons, hands-on reviews and videos of all the latest models, consumer-based dealer ratings, and access to a wide range of new and used dealer listings across the country.
Pricing and valuation tools include What’s My Car Worth?, which lets users choose any year, make, model, trim, and mileage and whether they’re buying, selling, or trading in. An algorithm then analyzes millions of data points and current and previous listings to give users the latest and most accurate value of any vehicle, known as the CarGurus Instant Market Value.
Sellers can then take that one step further with CarGurus’ Sell My Car feature. By inputting their license plate info or VIN and adding details about the vehicle, users then have the option of selling it to local dealers – available in select markets – or selling it entirely online, with the car picked up right from your door.
For an added dose of confidence, see below for the “Keys to Success” from Drew Brees:
Methodology: CarGurus surveyed 1,501 licensed U.S. residents who were 18 years and older in July 2024.