Men vs. Women: The Gender Divide of Car BuyingLast Updated August 4, 2019
Buying a car is often considered a rite of passage, but once the shiny newness wears off, how men and women find a new car differs quite a bit. What affects how men and women choose a car?
Sources: CBS News | Edmunds
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What Are Men Looking For?
1 out of every 5 men will know exactly what they’re looking for in a new vehicle. This often includes details like engine size, transmission type, drive train, and suspension specifications that a woman might overlook or might not know. More than half of male drivers are confident when buying a new car, and most take 63 days or less to make their final decision and purchase a new vehicle.
With the massive variety of cars available, men tend to learn toward purchasing European luxury brands like Jaguar, Hummer, and BMW, and prefer cars that are rugged, with high-end technology and stylish looks for both interior and exterior.
What Are Women Looking For?
Although women typically have a good idea of the characteristics they’re looking for in a new vehicle, they’re still twice as likely to be undecided about their vehicle choices. Only 38% of women report feeling confident when buying a car.
Women are thoughtful when purchasing a new car and the buying cycle takes a bit longer than men, usually averaging around 75 days to complete a purchase.
Unlike men, women tend to prefer Asian non-luxury brands and prefer cars that are affordable and know for their durability, reliability and safety.
Confidence in the car you’re looking for can lead to you getting a better price. Car dealers generally know when they’re dealing with an unconfident person, and might try to leverage that unease when negotiating price. On average, men get lower prices than women, with salespeople offering, on average, $200 higher list prices to women.
Surprisingly, there aren’t as many men on the road as women. There are 1.4 million more women who are licensed to drive than men. Women also tend to purchase more new cars than used ones, with 62% of new cars in the country being purchased by women.
On top of that, more than 80% of the car purchasing decisions
Men end up paying more to insure their new vehicles than women do — one site estimates that men might end up paying more than $15,000 more throughout their life than their female counterparts. While these premiums do drops as men get older, they still continue to be much higher until male driver reach 35. Middle age drivers, both male and female, pay similar premiums.
This is because statistically, men are likely to take more risks behind the wheel. Finally, those luxury cars that they like so much cost quite a bit more to ensure than the non-luxury alternatives.
These statistics apply to most age groups, save one — millennials. Millennial women, for example, feel as self assured when purchasing a car as men, and men in this age group are actually more confident in their female counterparts than men of older generations.
Millennial men believe that their female counterparts are stronger negotiators than themselves, and also believe that women are more logical when it comes to purchasing cars.
While car buying might not be a walk in the park for either men or women, it’s safe to say that each group approaches the process very differently.
Sources: http://www.cbsnews.com/news/new-cars-what-men-want/ | http://www.cbsnews.com/news/how-men-can-beat-gender-bias-in-car-insurance/ | https://www.edmunds.com/about/press/millennials-are-busting-car-shopping-gender-stereotypes-according-to-edmundscom-study.html
There will always be differences between men and women, even when it comes to something like purchasing a car. Men prefer luxury and style and will make a quicker purchase. They also get the added perk of a lower starting price, simply due to being male. Women prefer reliability and safety, and get the benefit of cheaper insurance throughout their lives, but they might find themselves paying more if they’re not careful.
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