Cox Automotive’s latest Car Buyer Journey (CBJ) study reveals that new vehicle buyers are more satisfied with their overall shopping experience than ever before, with a 75% satisfaction rate. The report credits several factors for this rise, including better incentives, improved inventory availability, and enhanced digital tools. However, satisfaction levels vary depending on the type of vehicle being purchased.
EV Buyers Shine with Highest Satisfaction
Electric vehicle (EV) buyers are leading the way in satisfaction, with an impressive 82% reporting being “highly satisfied” with their purchase experience. This surpasses satisfaction rates for hybrid (76%) and internal combustion engine (ICE) vehicles (75%). A major contributor to this higher satisfaction is the use of digital tools, as 76% of EV buyers used these resources during their car-buying journey. In comparison, only 42% of ICE buyers utilized digital tools, with hybrid buyers slightly ahead at 64%.
- Digital Tools and Buyer Engagement: EV buyers tend to be more engaged with the process, often reading and watching reviews before making a decision. Their emphasis on safety features and advanced technology further highlights the growing role of digital tools in influencing their choices.
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Dealership Satisfaction Reaches New Heights
While EV buyers are leading the charge in satisfaction, the broader dealership experience is also seeing improvements. Overall dealership satisfaction reached a new high of 81%, with 42% of new car buyers reporting that their latest purchase exceeded the quality of their previous vehicle.
Despite these positive trends, the study also found a 2% decline in overall satisfaction, largely driven by the struggles of used car shoppers. Tight inventories, elevated prices, and high interest rates continue to frustrate these buyers. In particular, the lack of access to modern digital tools for used car purchases hampers the overall buying experience.
Used Car Buyers Still Facing Challenges
While satisfaction among used-vehicle buyers improved since the pandemic, with a 64% satisfaction rate, there is still room for significant improvement. This marks the highest satisfaction rate for used car buyers since the onset of the global COVID pandemic, though it still lags behind the satisfaction levels of new car buyers.
The Impact of Digital Tools and Time Savings
One of the standout findings in the study is the significant time savings that buyers experience through the adoption of digital tools, particularly in terms of paperwork. New car buyers save an average of 49 minutes at the dealership, while used car buyers save 40 minutes. However, despite these time-saving benefits, the study notes that buyers still value in-person experiences, especially for test drives, vehicle pick-ups, and interactions with sales staff.
- Online vs. In-Store Experience: While some buyers may expect a fully online car-buying process, the study emphasizes that satisfaction is not just about the speed of the transaction, but rather the efficiency and quality of the entire buying journey. As Cox’s Vice President of Research and Market Intelligence, Isabelle Helms, pointed out, “It is a common misconception that most vehicle buyers today want a completely online car-buying process.”
Conclusion: A Shift Toward a More Efficient, Hybrid Car-Buying Process
The Cox Automotive Car Buyer Journey study highlights a continued shift in the automotive buying landscape. EV buyers are leading in satisfaction due to their strong use of digital tools and an increased focus on technology and safety. Dealerships are also seeing rising satisfaction levels, with a new record of 81%, even as used car buyers still struggle with supply issues and high prices.
The trend toward digital tools is undeniable, but the study underscores the continued importance of the in-store experience, proving that while online elements streamline the process, human interaction and hands-on experiences like test drives remain central to the car-buying journey.
