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Vehicle Buyers Ignore Traditional Media
The Internet is the most important information tool for first-time vehicle buyers, according to new research from the Polk Center for Automotive Studies. The study states that TV, radio and newspapers have been rendered 'nearly obsolete'.
35% of first-time buyers told Polk that the Internet was the most important information tool when considering their purchase, compared with 8.2% for TV, 4.4 % for magazines, 3.6 % for newspapers and 1.1% for radio.
Lonnie Miller, MD of the Center, states: 'The Internet's relevance in the 18-30 age group is completely reconfiguring how car companies need to reach out to first-time buyers.'
He added: 'Harnessing mobile media technology will be the automotive industry's most important marketing challenge - and opportunity - in the next decade. Generation Y is tuning out traditional advertising, and watching what they want, when they want.'
The study also found that 65% of respondents made their purchase without any influence from family and friends. Customer service and financial considerations were a key factor in the buying decision, with 42% saying dealer treatment is 'very important', and 25% mentioning monthly payments, fuel efficiency, affordable credit, cost of insurance and gas prices as 'very important' factors.
Polk interviewed 366 first-time vehicle buyers (aged 18-30) from across the US in November 2005.
The company is online at http://usa.polk.com
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