A Brand-New Luxury Motor Vehicle and Its Purchase Decision

Perceived risk, media influence, social characteristics, and demographic characteristics will affect the choice of a brand-new luxury motor vehicle in numerous ways. First, perceived risk will help determine how much money can be used for the purchase. Cars, unlike real estate, lose value as they age. Therefore, a critical look into the price will ensure that a logical decision is made. Additionally, perceived risk includes the neighborhood where the end-user lives as luxury cars can make the buyer a target for criminals.

If the risks of having the car, getting into an accident due to the car’s instability, or getting into financial debt due to the automobile are high, then the consumer will not purchase the vehicle. Secondly, media influence is critical in influencing buyer behavior towards new products. This element would affect my choice of whether or not I purchase the vehicle based on how they have portrayed the car. For example, if it is portrayed as a safe, reliable, and fuel-efficient car, I will purchase it.

Social characteristics will also affect my purchase as I will want to buy a car that will also communicate my social standing. Since the car is a luxury vehicle, it best suits wealthy individuals in the upper and middle-class categories. On the same note, demographic attributes such as age and gender will affect my choice. Indeed, I will choose a car that I feel identifies with who I am, a young adult who is ready for life and has significant potential. In addition, it will be easier to buy a car whose design is described as masculine than feminine or vice-versa, depending on my gender preference.