What’s More Important? The Car or The Monthly Payment?

 

As your shoppers start their car buying journey, and when it comes to knowing how much they can afford, they typically fall into two categories. What’s More Important? The Car or The Monthly Payment? 

With new and used car prices that keep getting higher, and with interest rates the highest they’ve been in a long time, which vehicles your customers can afford will be top of mind for your customers when they hit your website.

Or…they just really know the car they want and have their fingers crossed that they can stomach that monthly nut.

In a nutshell, that’s really the two customer segments we’re talking about.

  1. Those who want to browse your inventory by how much monthly payment they can afford;
  2. Those that know the car they want, and want to quickly see their estimated monthly payment.

Both of these can be a challenge to accommodate for a lot of reasons, especially if you’ve got no idea what the customer can qualify for. 

There are really sophisticated and lengthy approaches for doing this, aka digital retailing.

There are also really lightweight and simple approaches, aka what TradePending does with our Payments product. 

The lengthy approach will create a small percentage of super leads catering to buyers in the final stages of their research.

The lightweight approach caters to all buyers, and will move that big chunk of early stage buyers a little bit farther down the car buying road.