ST. LOUIS – (June 4, 2024) – Protective Asset Protection, a leading provider of F&I programs and services, has announced the results of a recent survey conducted to better understand consumer perspectives on automotive F&I products, as well as the factors that impact F&I purchase decisions when shopping for a vehicle at a dealership.
The online survey was conducted in April 2024, and over 300 recent car shoppers participated. Consumers across all pertinent car-shopping age groups were surveyed, including Baby Boomers, Generation X, Millennials, and Generation Z. Across all generations, 82% of all respondents indicated they are either very familiar or somewhat familiar with F&I products at a dealership.
Among those surveyed, 16.8% purchased maintenance service plans, 16.5% purchased Guaranteed Asset Protection (GAP), and 18.1% purchased a vehicle service contract (VSC) or mechanical breakdown protection for their vehicle.
Across all age groups, approximately 55% noted they needed to utilize their F&I benefits because they either needed major repairs on their vehicle and the product benefits helped save significant money, or they only needed minor repairs and the additional benefits were somewhat helpful.
When asked what factors influenced their decision to purchase F&I products across all generations, 18.5% selected price/monthly payment of products, 18.2% selected overall budget, and 16.2% selected cost of vehicle repairs.
Protective Asset Protection Consumer F&I Survey Reveals Generational Differences in Research and Shopping F&I Products
Price, availability, budget remain top of mind for consumers, but convenience in research & selection are growing in importance
