Car Buying: The Last Frontier of Online Shopping

Chase research shows consumers are increasingly comfortable with online financing.

New York, NY Dec 06, 2017 This holiday season consumers shopping for a new car or truck may be looking online now more than ever. Nearly half of Americans (47%) said they would be comfortable completing their purchase online—from research to financing—according to new research from Chase Auto Finance.

The other half aren’t comfortable because they want to: test drive the vehicle before buying (76%) and they don’t believe they can negotiate online (47%).

“We know Americans spend significant time researching the make and model of their next vehicle purchase, but not necessarily the financing options,” said Mark O’Donovan, CEO of Chase Auto Finance. “That’s starting to shift, which is why we launched Chase Auto Direct last year.” 

Chase Auto Direct—available through and on any device through the Chase Mobile app—is an online resource for people to research their next car or truck and apply for financing. Consumers can get an interest rate quote and use the payment calculator to research financing options online before heading to the dealership to test drive and finish the deal.

Research from Chase also found that Americans still have a strong emotional connection to their vehicles and driving in general:

  • 78% love or like driving
  • 67% see their vehicle as an extension of their personal style
  • 56% say their vehicle is like a family member

That emotional connection likely explains why car buyers spend more time shopping for a vehicle than:

  • planning their last big vacation, 36%
  • picking their newest pet, 33% or
  • choosing their wedding band/significant other’s ring, 26%.

“With Chase Auto Direct, our goal is to help people save time by completing the financial paperwork online,” added O’Donovan.  “Plus, they still have ultimate flexibility at the dealership—to test drive and get the keys or change their mind and walk away because they’re not locked into the loan.”

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About the Survey

A national survey commissioned by Chase Auto Finance was conducted among 3,535 Americans between September 14 and 27, 2017. A nationally representative sample of n=1,000 was utilized to understand the trends of Americans (overall) while an oversample of respondents in 10 distinct cities was leveraged to understand the trends in specific regions. The margin of error for this study was 3.1% at a 95% confidence level.

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