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AutoTrader Survey Reveals More than Two-Thirds of Car Shoppers Surveyed Have Experienced Buyer's Remorse

Nov 25, 2014

ATLANTA, Nov. 25, 2014 /PRNewswire/ -- Black Friday typically kicks off the year-end deal season for car shoppers, but new data from AutoTrader.com suggests that many of these consumers may end up regretting their purchase decision.

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According to a series of surveys hosted on the car shopping website*, 69 percent of consumers have experienced buyer's remorse after purchasing a car. Among consumers who experienced buyer's remorse in the past, the most common reason for regretting the purchase decision was because the car had mechanical issues. Other reasons included that they felt the car was too expensive or a bad deal, it was an impulse purchase or the car didn't have the features they wanted.

"On big shopping days like Black Friday, consumers can get caught up in the excitement of a good deal, sometimes at the expense of their needs, wants and budget," said Brian Moody, AutoTrader site editor. "In addition to hunting for a good value, consumers should search for a car that suits their lifestyle 365 days of the year."

If a consumer decides that the car they drove off the lot isn't exactly their dream car, they may have limited recourse, but only 34 percent of consumers ask the dealer what the return policy is before they buy.

"If you realize very quickly after driving off the lot that the car isn't right for you – meaning, within hours – in some cases, you may have a chance to change your mind since some dealers do offer a 24-hour return policy. It's always smart to at least ask," Moody says.

AutoTrader's expert editorial team say to avoid buyer's remorse, make sure to take your time, do your research and keep these tips in mind:

  • Take a lengthy test drive on familiar roads
  • Bring family members or a friend to shop with you
  • Decide on a price limit before stepping foot on the lot
  • Allow plenty of time to contemplate the decision before signing the papers

To read more consumer tips on car shopping and to browse listings of more than 4 million new, used and certified pre-owned vehicles for sale, visit AutoTrader.com.

About AutoTrader.com
Created in 1997, Atlanta-based AutoTrader.com is the Internet's ultimate automotive marketplace. As a leading resource for car shoppers and sellers, AutoTrader.com aggregates millions of new, used and certified pre-owned cars from thousands of dealers and private sellers and provides expert articles and reviews. AutoTrader.com, which also operates the AutoTraderClassics.com auto marketing brand, is wholly owned by Cox Automotive. Additionally, Cox Automotive owns Kelley Blue Book (KBB.com®), Manheim Auctions as well as companies that provide a full suite of software tools that help dealers and manufacturers manage their inventory and advertising online: vAuto®, HomeNet Automotive®, VinSolutions®, AIS Rebates™, Genius Labs® and Haystak™. Cox Automotive is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com.

*Source: AutoTrader.com Homepage Quick Polls, October & November 2014

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SOURCE AutoTrader.com

For further information: Kristin Ballard, 678-350-5896 (m), Kristin.Ballard@autotrader.com

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Lisa Aloisio
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404.725.0651 (c)
Lisa.Aloisio@Autotrader.com

Nichole Mrasek
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678.429.7627 (c)
Nichole.Mrasek@Autotrader.com

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