HPI’s Spec Check reveals which cars buyers are most likely to invest in factory options
New analysis from HPI Spec Check, a unique valuation service providing factory fitted options data, reveals that Porsche buyers are the most likely to spend big on the options list. Consumers ordering a new Cayenne luxury SUV spend on average, almost £10,000 on factory fitted options. That’s enough to buy the UK’s cheapest SUV, the Dacia Duster, and still have some change left over for a stereo and floor mats.
HPI Spec Check, enables dealers to maximise margins and stock turn by providing the exact options that were factory fitted to an individual vehicle. This will ensure that dealers are pricing stock correctly and not underselling a high spec car.
After Porsche buyers, consumers splashing out on a new BMW X5 spend the most, with just under £8,000 invested in extras. In third place, the Mercedes SLK typically has £6,290 spent on top of the base price of the car. That’s the equivalent of a new Dacia Sandero and an iPad.
However, analysis from HPI reveals it’s not just luxury cars buyers who are tempted by the contents of the options list. The Vauxhall Insignia has an average spend on extras of over £1,400 and the average Golf is fitted with over a thousand pounds of additional equipment, on top of the standard specifications. In the last 6 months, HPI Spec Check has identified over £75 million of factory fitted options, across 19 manufacturers from Alfa Romeo to Volvo.
Phil Peace, Operations Director for HPI, comments, “As vehicle technology advances, having the right equipment on a car is even more important than ever for its retail desirability. Factory fitted Bluetooth may be cheap to add when a car is ordered, but can make the difference between a customer buying the Focus on a dealer’s pitch, or the one at another site down the road. Identifying the options fitted to a car however, isn’t always easy. For example, active safety systems and driver aids, such as adaptive cruise control, self-parking and lane departure warning systems are all expensive options, but remain extremely difficult for the untrained eye to spot.”
Phil Peace concludes, “HPI Spec Check offers dealers a quick and easy way to identify exactly which options were on a vehicle, when it left the factory. This means valuations are more accurate and dealers can advertise the vehicle correctly; listing all the extras to help bag that sale. Never again will dealers mistake the ‘Nav’ button in a BMW 5 Series for the ‘Business navigation system’ or the phone button on the wheel of an Astra for a factory fitted Bluetooth. HPI Spec Check ensures dealers get the right price and buy in the best quality stock first time.”
HPI Spec Check provides details of any cost options fitted to a vehicle at the time of build, including the list price of that option. It also gives the total price for that particular vehicle when it was new and a ‘star rating’ from one to five, where one star means a totally standard vehicle, and five stars shows it has a significant quantity of cost options fitted. By taking into account optional extras, dealers can accurately identify a vehicle that will stand out to buyers and command a higher price.
|Manufacturer||Average spec per car spend||Model||Average spec per car|
For an accompanying image to support this news story please download the below image:
Originally established in 1938, HPI Limited is a primary source of vehicle information for the UK motor industry and motoring consumer which, since December 2008, has been owned by Solera Holdings, Inc. Solera Holdings, Inc. is an integrated group of leading automotive claims solutions companies. Founded in January 2005 by Chairman and Chief Executive Officer Tony Aquila, Solera has expanded its geographic reach and now serves more than 55,000 business customers in over 50 countries across six continents.
HPI encompasses both the HPI database of all UK road registered vehicle descriptions and histories, and the National Mileage Register (NMR) which holds in excess of 160 million mileage readings.
Together, HPI and NMR represent the UK’s largest vehicle information source, combining and interpreting data from government agencies, industry bodies, private organisations, the police and the general public. Registering with HPI helps companies to protect their financial interests in motor vehicles and a wide range of other mobile assets. HPI Checks give purchasers instant confirmation of whether vehicles are correctly described, known to be subject to outstanding finance or serious accident damage, or recorded as stolen or “clocked”.
‘HPI’ and the HPI logo are registered trademarks of HPI Limited.
(1) All prices include VAT and are correct as of 4th January 2013
(2) Mileage Data is not covered by The HPI Guarantee
*(3) The HPI Guarantee is subject to terms and conditions