Most of us know that women are THE gender spenders who influence c80% of all household purchases and are described as ‘instigators-in-chief’ when it comes to c60% of car sales (and presumably their garage care afterwards). We’re professional shoppers, we do our homework in advance, we know what we want and we’re not afraid of going somewhere else if we don’t get it.
But when it comes to comparing male and female shopping behaviour we know that men can do the job in hand quicker 😉 whereas we want to compare and contrast value and features before making our (better) informed decision. Take shopping for a pair of trousers for example. Casual or formal. He is more likely to buy the same style and the same colour as the last time and from the same shop before retiring to the pub for a liquid reward; happy because the job has been done efficiently and as painlessly as possible…
Whereas she might spend ages looking at what everybody else is wearing, comparing this season’s colour choices and then shopping online and on the High Street for the best deal… This has been known to take weeks in our household ;).
But it’s very important to take your time when it’s a big ticket item like a car or financing the deal for that matter. I’m sure we can all remember unhappy purchases we made in a hurry or when we’ve been seduced by a low price, only to experience the steep learning curve borne out of realising we’ve bought a lemon, wasted money and that we should have bought a different brand or product…
A recent survey from BMW Financial Services has been looking at men and women’s attitudes towards financing a car which reflect precisely these differences in our gender genes. Whilst the economy is struggling it seems that more of us are turning to dealer finance to fund the purchase of our dream cars than was the case in 2010.
This is probably because the car finance market is very competitive today and it’s so much more convenient to sort out the finance transaction alongside their new car and any part exchange paperwork.
According to BMW’s research, many males admitted rushing into an ill-judged car finance decision within just two hours whereas one third of women drivers take at least two days to make the choice. That’s the foxy way…
But apparently some consumers gave about as much thought to purchasing a car as they did to purchasing a sofa; not thinking through the implications of a longer finance deal for the more expensive vehicle transaction. Very costly I imagine.
BMW’s survey also confirmed that women are prepared to compromise when it comes to making joint decisions about which car or car finance package to buy whereas men prefer to choose entirely independently. Or put another way (assuming a gsoh)…
He thinks “This is motoring – this is a MAN’s department.”
She thinks “Oh for an easy life – let him think this is his decision but I’ll make sure he makes the right choice…”
This is in stark contrast to shopping for a new kitchen apparently which is more likely to be a joint decision. Or put another way (assuming the same gsoh)…
He thinks “ With a bit of luck she’ll be spending more time in it (cooking for me) than me so she really should have one she’s happy in (cooking for me…).
She thinks “If I am expected to do more cooking, washing, ironing and cleaning in the kitchen (than him) the least I expect is one that suits me best.”
Certainly attitudes to car ownership seem to have changed with women in particular spotting that buying a new or used car using car finance carries a number of advantages.
In fact Joe Pattinson at BMW Financial Services has detected a growing trend for women to sign up to ‘rent to own’ finance deals as he explains…
“Finance is the car purchasing model for women in future and we see this as a long term purchasing trend that is here to stay. A quarter of women (surveyed) say they are cutting back on all spending and changing their lifestyle considerably, and as these attitudes are applied to the concept of car ownership, (staggered car) finance will become the norm in the not too distant future.”
Joe continues: “Sadly many drivers are making greater compromises on the make, model and specification of their vehicle than they need to.”
Women need to know their foxy car finance choices perhaps?