Cars: ACAROM: Romanians prefer buying second-hand cars because of the lower prices

Data provided by the Association of Romanian Car Manufacturers (ACAROM) and online used car platform Spotawheel shows that Romanians seem to prefer buying second-hand instead of purchasing their cars brand new.    Nearly 157,000 second-hand cars were registered in the first six months of 2022, three times the number of new cars registered, according to ACAROM data. Spotawheel recently conducted a study on consumer behavior in the Romanian automobile market on a sample of 400 people who had either bought second-hand cars within the past 6 months or are planning to buy one soon.   The study found that nearly 50% of respondents had decided to buy a used car because it was cheaper than buying a new one, stating that they cannot afford a showroom vehicle.   Additionally, 42% of respondents said that they consider buying a used vehicle a good investment, as the drop in value over the course of a year is less dramatic than the loss of value experienced with a new car.   When it comes to choosing the right car, over 65% of respondents said that safety is the most important factor they consider. The next most important factors were technology (48.5%), reliability (47.5%), comfort (44.5%), fuel economy (39%), and brand prestige (41%).   The preferred payment options for purchasing a used vehicle were cash (55%), trade-in (21.5%), credit (11.8%), and on the lowest end of the spectrum, leasing (7.8%). When asked what additional services respondents might be willing to pay more for, 50% said that they would be willing to pay extra for a car that had been inspected and certified by a third party. While only 10.8% of respondents said they would pay for the facilitation of a quicker payment process, only 5.5% of them said they would be willing to pay extra for formalities related to the purchase of a vehicle, and only 4% would pay for the services of a financial advisor.   Test-driving was considered an important feature of the buying process by 30% of respondents, who said that the test drive represents the decisive moment for choosing a particular car. In fact, around 16% of respondents said they had made the decision to buy the used car immediately after test-driving it. Other factors influencing the choice of a car are interaction with a trusted salesperson (11.75%), and extended warranty (9.5%).   Participants in the survey were also asked their reasons for purchasing a vehicle, and the most popular answers related to their current car’s age and capabilities: 47% said they to replace their old car with a newer model, 32% said they wanted a more technologically advanced car, and 16% said they wanted a car that is more fuel-efficient. While 13.5% said their reason for changing their car was the negative impact their vehicle was having on the environment.