Progressive Insurance and NADA Team Up to Find What Matters Most to Car Buyers
MAYFIELD VILLAGE, Ohio -- An online survey conducted by The Progressive Group of Insurance Companies found that new car shoppers are most concerned with the cost of the car itself while ignoring two factors that have a big influence on the cost of owning the car: how much it will cost to keep the fuel tank full and how much it will cost to insure. The survey, which queried people researching new cars on NADAguides.com, found that overall purchase price is the most important factor to people shopping for a new car (46 percent), followed by make and model (31 percent). Safety and performance came in a distant third, tied at 7 percent. At the time of the survey, gas prices were at record highs with the national average ranging from $2.24 to $2.54 per gallon. And, insurance can be a significant cost of owning and operating a vehicle. Yet, those surveyed rank both fuel efficiency and the cost of insurance as two of the least important factors when shopping for a new car. The survey also finds that while respondents generally agree that cost is a major factor in their decision about what make and model to buy, they disagree about the importance of features such as reliability, safety, performance, and creature comforts such as heated seats and moon roofs.