The car buying process is often stressful and can result in impulsive decisions, especially when a buyer is not armed with all the data they need to factor the total cost of ownership of a particular vehicle.
An App we call “DreamRide” will provide information in all key areas of car ownership so buyers can make a financially sound decision. The app will access data including purchase price, average annual maintenance & repair costs, depreciation, gas, insurance, and the best locations to look for the right car.
Respondents and the team agree that it will take partnership and collaboration with the likes of NADA, Edmunds, Kelly Blue Book, CUDL or CUNA to get to the databases needed for the majority of the backend of the application. The survey also indicated that credit unions would like to know more how this app would integrate to their systems to fund the loan. Overall, the results indicated that there’s a potential need for such an app that would help a car buyer or researcher and an opportunity to tie that education and research to future loan opportunities for the credit union.