Thinking of Buying a New Car? It Doesn’t Have to be a Long Journey

AIB infographic for buying a new car.

AIB Reveals Time Irish Are Dedicating to Finding the Perfect Car

Buying a new car can be a lengthy process - from researching online sites and dealerships, deciding on the type and model to suit your specific needs and finally going for test drives. As the car industry continues to recover, Irish people are investing more time in making the decision to upgrade their wheels.

To highlight the three-hour decision on loans, AIB partnered with Ireland’s leading auto website Carzone*, to research the hours that Irish individuals commit to finding their dream car, and the contributing factors that are most important to them when making their decision.

The long road to purchasing a car begins for most Irish people with a search online, with 45% of individuals surveyed claiming to spend a few weeks searching online, and 25% dedicating a number of months.

50% of individuals stated that they test drove up to 5 cars before making their choice, with 8% trying between five and ten. Only 16% of those surveyed said that they would commit to purchasing a car without trying it out first.

The results further proved that the car market is indeed robust and active, with 28% of individuals stating that they change their car every 2-3 years, while 33% would purchase every 4+ year.

The vast majority of participants rely on the experts when in the market, with 38% saying that they would primarily take advice on choosing a new car from motor experts, and 24% relying on online publications, as opposed to only 13% deferring to friends.

It also seems that Irish people are increasingly spending more time in their cars, with 32% of individuals surveyed spending approximately 10 hours per week, and 14% claiming to spend upwards of 20 hours every week commuting or travelling.

Award winning motor journalist and broadcaster Geraldine Herbert commented on the results, “It is beyond doubt that Irish people are investing more time and effort when they are searching for a new car. My advice to consumers who are currently in the market would be to do your homework and to use your time wisely when making your choice and to be wary of making a snap decision that you may end up regretting in the long run."

AIB understands the amount of time and research that goes into buying a new car. Getting approval on a loan for your dream motor shouldn’t drive you around the bend, with a three-hour decision process on loans from €1,000. Available online, in branch and over the phone with flexibility on repayments.

Fully completed new car loan applications processed within 3 hours, 9.00am-5.00pm, Mon-Fri, excluding bank holidays. Loans from €1,000 - €30,000. Excludes: restructuring/clearing existing AIB debt, customers in financial difficulty, where total borrowings exceed €100,000 (excl home loan debt <€600,000). 1-5 year terms. Lending criteria, terms & conditions apply. Security may be required.Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age.

Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

Full details available here.