Contrary to stereotypes, women typically negotiate better deals than men when it comes to car buying. Men paid a surprising 17% more for popular sedans like the Toyota Corolla S and Camry LE, which could be a difference of thousands of dollars more. So, how are they doing it?
Changing Demographics Play a Role
Changing gender expectations and women's increased spending power play a role. Plus, women are taking a greater interest in cars and playing a more active role than before. In fact, they make or heavily influence 85% of car purchase decisions today.
Generational differences are helping close the gap, as well. Millennial men and women feel nearly equal levels of self-assurance and empowerment during the car shopping process. And Millennial men are more likely than older men to believe that women are equally or more logical than men during the car shopping process.
The Real Secret
While these factors play a role, the biggest factor in women’s success in the negotiation process has nothing to do with inherent gender differences. Women simply prepare more for the negotiation process – conducting more in-depth research online and deciding on a price before even setting foot in the dealership. They often walk into the showroom with a specific vehicle in mind, not to browse. And they are more likely to ask tough questions and be more thorough during the car-buying process. Women are negotiating better car deals than men by being more informed, more prepared, and more thorough.
Everyone Wants a Better Experience
Across genders and generations, car buyers universally want a better experience. They want to shop without pressure to buy, they want price transparency, and they don’t want to waste any time. Dealerships can provide the experience car buyers want by offering online checkout.