The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive reports record highs in new-car buyer satisfaction, attributed to advancements in digital tools that integrate online and in-dealership activities. This integration, known as an omnichannel buying experience, streamlines the process and enhances satisfaction.
EV Buyer Satisfaction
The EV market leads in customer satisfaction during the car-buying process. EV buyers reported higher satisfaction levels, with 82% highly satisfied compared to 75% of new internal combustion engine (ICE) vehicle buyers. Digital tools play a significant role, with 76% of EV buyers using them in the buying process, compared to 42% of ICE buyers.
New-Car Buyer Satisfaction
“With the launch of the 15th Anniversary edition of the Car Buyer Journey, we are reminded again just how important it is to have an efficient vehicle buying process,” said Isabelle Helms, vice president of research and market intelligence. “Auto dealers who embrace the latest technology and engage in a transparent, easy-to-navigate process have consistently delivered the highest levels of satisfaction. That was true 15 years ago and remains true as ever today.”
New-vehicle buyers reported a 75% satisfaction rate with the shopping experience, the highest in the study’s history. Advancements in digital tools, pricing transparency, and a balance between online and in-person dealership experiences contributed to this increase. Forty-two percent of new-car buyers said their experience was better than their prior purchase, with dealership satisfaction reaching 81%.
Satisfaction among all vehicle buyers declined slightly, with 67% highly satisfied, down from 69% in the previous study. Factors such as elevated auto loan rates and limited used-vehicle inventory contributed to this decline.
Impact of Digital Tools
Improved digital tools and AI have transformed the car-buying experience, offering transparency in pricing and financing. Buyers completing steps online, such as credit applications, saved an average of 42 minutes at the dealership. New-vehicle buyers saved 49 minutes, while used-vehicle buyers saved 40 minutes.
Eighty-two percent of new-vehicle buyers who completed more than half of the required steps online expressed high satisfaction. Despite digital tools, buyers still value time at dealerships for test drives and interactions with sales teams.
New-Car Buyer Satisfaction Study Methodology
The annual CBJ Study by Cox Automotive examines vehicle buying in America, focusing on buyer satisfaction. The 2024 results are based on surveys of over 2,300 consumers who bought a new or used vehicle in a 12-month period ending August 2024. The survey was conducted from Aug. 14 to Sept. 15, 2024.
For more information, see the 2024 Cox Automotive Car Buyer Journey Study Summary.
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