Today, the automotive market has increased its area of operation to such an unbelievable extent that any car of your choice can be easily seen, compared or even bought by just sitting in your home. Gone are the days, where the choice was limited to buy a new car, the specifications we’re unknown and the only thing in the hand customer was the need. In olden days, the relationship formation was based on the salesperson in the showroom.
Today, the scenario has changed a lot with the presence of digitalization the field of automobiles. Many customers, have different objectives and needs for buying a particular model in the market and upon all, today there are many other factors which decide the appropriate car to buy.
The aspect which decides the type of buying a vehicle is the need. A middle-class person may need a 7 seater vehicle for his family in an economical cost. Similarly, a rich person may want a sports vehicle for races or a businessman may need a limousine. Like this, there are many needs and objectives for the buying of a new car.
In this, aspect there is a research going on to formulate a plan for a model which can attract any social sector. Generally, a person has to think about many factors like mileage, maintenance cost and ownership cost for a new car. So, the need decides the aspects of the car to rely on.
Today, for one need we have many choices and it obviously depends on the buyer on how to decide the selection. The biggest factor which plays a key role while purchasing a new car is the budget. It is the first step how you segregate the other cars and the segment you need. A budget doesn’t just mean the cost of the car but also the future cost, loans taxes, etc. So naturally, research plays a key role in the first step itself.
A budget includes many costs like maintenance, depreciation costs for the car many more. At the same time, customer can’t imagine the increasing cost of body parts can’t but should be ready for them.
Second, comes the model selection. After deciding the budget the right model which the buyer has to select. For one budget there may be many models which can fit in the budget line. So, here the buyer again has to stick to his need. For example, in the budget of 10 to 15 lakhs, we have MPVs like Innova and SUVs like XUV 500. So generally, the buyer has to decide upon the models.
At the same time, one model can satisfy both utility and design needs but it ultimately depends on the buyer. People may think that compromising on exterior design may lower the cost which is not evident enough.
Today, the value of design cars have become optimized and you get a low-cost vehicle with more sporty designs. There are models where design plays a key role in the cost aspect but it is not the same for every car. Many international companies have given facelifts and modifications for their models keeping the piece same.
Like this, there are many other factors like engine type, new or used, time and many more factors which have to be studied upon for buying a vehicle. The other main aspect is the time factor which can decide the offers, availability of the models and taxes.
Buying a new car before its arrival can cost more than the cost of the car after the arrival and this can be vice versa also which depends on the demand of the car. In this point, marketing plays a key role in anticipating the people about the model.
The biggest threat to any customer in the automotive industry is the sales executives. Generally, it is their job to influence people and increase the sales of new cars, it is also the responsibility of the buyer to withstand his/her objectives and not to get influenced from the executives.
When compared to any other factors in the market or internally the need of the customer is important. The need of buying a new car in a specified budget plays a major role in purchasing a new car.