J.D. Power's latest Customer Retention Study was based on the responses from 123,601 new car buyers. In 81,350 cases, the car that was being replaces had also been purchased new by that particular owner. The findings?
Ford and Honda owners are more likely than any other owners to opt for another vehicle of the same brand. Both of the brands toped the J.D. Powers list. 62% of owners of both brands decided to stay with that particular brand.
In the case of Honda, the models that had the strongest customer retention are the CR-V, Accord, and Pilot.
Hyundai also made it onto the list, with a 60% customer retention rate. According to the list made by J.D. Powers, retention rates have improved slightly over last year.
It seems that customers are making their decisions based more on emotional reasons than on practical ones. For example, resale values are not as important this year as they were in years past. This is another sign that the market conditions are improving.