If your only exposure to American history came from primetime basic cable commercials, you’d think Lincoln and Washington were best known for offering sweet sweet deals on a Hyundai Santa Fe. It turns out all those President’s Day (and every other day) ads stick with us better than our knowledge of presidents from history class: We drove a brand funnel analysis to understand car brand awareness → consideration → purchase, and more than 7 in 10 Americans are aware of every single car brand we surveyed.
When it comes to purchases, Americans aren’t exactly reinventing the steering wheel. At least 20% have purchased a Toyota, Ford, or Chevy. Tesla stands out as having a relatively low purchase rate (2%) compared to the proportion who have considered (15%) buying a Muskmobile. TBD what impact recent price hikes will mean for the electric vehicle manufacturer.
A lot of considerations go into a purchase decision aside from just the number of cupholders: Our analysis shows that price, style, and safety are the three most important factors, while fuel efficiency is the least important. Well, that solves the mystery of Tesla's low purchase rate. People still prefer their vroom vrooms to come from engines and not speakers.
Where do the brands park on these attributes?
Turns out a high-end Ferrari may have been a better investment than millions in Bitcoin. What Honda, Toyota, and Subaru lack in style they make up for in safety, reliability, and fuel efficiency—an argument your kids will surely be receptive to when you gift them your hand-me-down junker for their 16th birthday.
