COLUMBUS, Ohio--(BUSINESS WIRE)--A new survey by Nationwide reveals one in four people find shopping for a car as stressful as preparing their taxes, and three in four say negotiating the price is the worst part.
According to the survey conducted by Harris Poll of more than 1,000 car buyers, only a quarter feel the process is pain free. In fact, 70 percent say they would give up daily essentials, such as coffee (38 percent) or smartphones (18 percent), for a week just to avoid negotiations altogether.
To help make buying a new car faster and easier, Nationwide, one of the largest and strongest diversified insurance and financial services organizations in the U.S., has launched a new car loan service. The online service allows consumers to research, finance, insure and shop for their next car online from their device of choice. Within the service, consumers can connect with local dealers who provide upfront pricing information and guaranteed savings from manufacturer’s suggested retail price (MSRP) on new cars. Plus, it offers buyers the added convenience of being able to secure financing before going to a dealership.
“Our research found that car buyers want a simple, straightforward process when shopping for a car,” said Lynn Anderson, president of Nationwide’s banking operations. “With our service, buyers are able to quickly obtain transparent and accurate information about pricing and financing. It eliminates the guesswork associated with traditional car buying, helping buyers save time and money.”
As one of its core components, the new service provides optional access to an auto-shopping service powered by TrueCar – a data-driven company with a network of more than 10,000 car dealers who are committed to providing upfront pricing information and a hassle-free buying experience. On average, consumers who use TrueCar-powered programs save $3,221 off the MSRP of new vehicles.
The survey also found that more than three in five car buyers (62 percent) do not believe they will get better financing through a dealership. But, just 21 percent of buyers say they’re extremely likely to get a pre-approval before going to buy their next car.
“We designed this service with our members’ needs in mind,” said Anderson. “We’re committed to making the car-buying experience painless with fast online loan approval, convenient car shopping, competitive rates, no applications fees, no pre-payment penalties and flexible loan terms.”
For additional information on the survey results, be sure to review Nationwide’s infographic. To start car shopping today, or to get additional information, visit www.nationwide.com/carbuyingreinvented.
Survey Methodology
The Auto Purchasing Study was conducted online within the United States by Harris Poll on behalf of Nationwide from April 17-23, 2015. Respondents were comprised of 1,001 U.S. adults aged 18+ who have purchased a new/used car in the past year or plan to purchase a new/used car within the next year. Results are weighted to the U.S. General Population adults ages 18+ in terms of age, sex, race/ethnicity, education, region and household income. Propensity score weighting was also used to adjust for consumers’ propensity to be online.
About TrueCar
TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, gives consumers transparent insight into what others paid and access to guaranteed savings off MSRP from TrueCar Certified Dealers. TrueCar’s network of more than 10,000 trusted Certified Dealers is committed to providing upfront pricing information and a hassle-free buying experience. TrueCar powers car-buying programs for some of the largest U.S. membership and service organizations, including AARP, American Express, AAA and USAA. Not all program features are available in all states. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
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