In a new survey, a quarter of respondents said they would rather eat gas station sushi or go skydiving than purchase a used car
. One in five people said they’d rather get a root canal. The study, conducted by CarMax, focused on customer attitudes and behaviors toward major purchases, such as used vehicles, and how flexible return policies increase buyer trust. The survey was performed anonymously between March 30 and April 4 and interviewed over 1,000 adults (18-plus) throughout the United States.
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Money-back guarantees increase likelihood of purchasing used
Among the numerous insights uncovered by the poll
is the impact that a simple and liberal return policy may have on reducing buyer uncertainty. In fact, 93% of participants said a 30-day money-back guarantee would heavily influence whether or not they would buy a used car. One-fourth of those polled indicated they wished they could get their money back, and a comparable percentage said that they would return their used car if the process wasn’t so complicated or extensive.
Furthermore, study findings indicated that a generous return policy may encourage consumers to make riskier purchases, like an electric vehicle (EV)
. Almost two-thirds of respondents (65%) indicated they would be more likely to buy an EV if they had 30 days to return it if needed. “In today’s environment, it’s more important than ever that people feel confident with their purchasing decisions,” Jim Lyski, CarMax's
senior vice president and chief marketing officer, commented. “Our customers have responded really well to our unrivaled 30-Day Money-Back Guarantee and this survey further validates that to provide the best customer experience in the industry, you must give customers the time and flexibility to know they made the right choice.”
Other key findings
Here are some more interesting statistics from the survey:
26% of respondents said they regretted buying a secondhand car and wished they could get their money back
34% felt somewhat, not very, or not at all confident they were purchasing the correct car during their last transaction
50% intended to buy a new car for their next purchase, while 40% intended to buy a used car
23% of respondents feel that buying a used vehicle is riskier than skydiving, and 27% say that purchasing a used car is riskier than eating sushi from a gas station
18% of those polled would rather get a root canal than purchase a secondhand car
While there can be a lot of uncertainty surrounding buying a used car, there are precautions you can take to ease your mind. Purchasing the right car insurance
policy to protect your used ride
can make all the difference in the short and long term. Jerry
is the easiest and most effective
way to find a car insurance policy that is customized for you. After providing you with a comprehensive analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.No matter if your car is brand new or not-so-gently used, the Jerry app can help you get all of the savings and coverage, with none of the hassles.
MORE: 7 things to look for when buying a used car
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