One way in which perceived risk will help me decide whether I will purchase the new luxury motor vehicle is financial risk. All luxury cars are expensive, and if the price is above my limit, I will try to negotiate. If the negotiations are not successful, I will not purchase the car. In addition, the physical risk is relevant to making my decision on whether to purchase the automobile or not. To this end, physical risk refers to the car’s safety equipment. Indeed, media influence will also help me decide whether to buy the vehicle or not. Ideally, I will check the reviews of any brand I think to purchase in order to see what other people think about the car. For instance, if the media portrayal of the car is positive, I will purchase it. On the other hand, if the media representation of the product is negative, I will choose a different brand.
Additionally, social characteristics such as the social class that the car is associated with will help me decide whether to purchase or otherwise. Arguably, the fact that the car is categorized as luxury already communicates the social class it targets. However, social characteristics also involve my ability to maintain the car through proper and regular servicing. Indeed, if I am unable to cater for servicing charges and the occasional replacements of spare parts, I will not make the purchase. Lastly, I also have to consider demographic characteristics when buying an auto vehicle. Such characteristics include the age associated with people who drive that type of car and also the gender. Arguably, the automobile industry has successfully categorized a significant number of cars as either female or male. For example, the Range Rover has a female and male version. Both versions work as expected, but their designs are slightly different, with the female version being slightly smaller than the male Range Rover.