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Price most important factor in car buyer’s choice

According to a recently conducted survey for CarMax, nearly half of respondents reported price being the most significant factor that led them to purchase their vehicles.

CarMax recently launched the "Love Your Car" Facebook Contest that lasts five weeks and reveals the love connection between a car and its owner. Those interested in being contestants have to visit the CarMax Facebook page and share a picture and caption to show how much they love their car.

"Our customers are passionate about their vehicles," said Joe Kunkel, senior vice president of marketing and strategy at CarMax. "Whether it's the color, features, style or just a great price, everyone loves their car for a different reason."

The survey also reveals why respondents got rid of their previous vehicles, with 37 percent saying it didn't meet their needs and 45 percent saying it made financial sense. The survey was conducted from January 20-24 by Ipsos Public Affairs.

With the economy still being stagnant, Americans are securing auto loans to purchase fuel efficient vehicles, such as the Nissan Leaf, which was voted the most fuel efficient vehicle, according to Consumer Reports.

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