New vehicle consumers in 2024 praised improved online shopping tools and transparent pricing, a Cox Automotive study found.
With the pricing volatility and vehicle supply issues of the pandemic largely in the rearview mirror, consumers now use online resources to make the car buying process smoother and more efficient, the study found.
Consumer satisfaction with the new car purchasing process reached a record high of 75% in 2024, the study found.
While the buying experience improved, the time to complete a purchase took longer than it did a year ago. The complete buying process from researching to closing a purchase took about 14 hours and 19 minutes, an increase of 48 minutes.
Cox attributed the positive consumer sentiment to an “omnichannel buying experience,” or the seamless integration of online and in-person shopping activities.
Cox also pointed to more transparent vehicle pricing, as well as the availability of improved digital tools for consumers. For example, online services can give shoppers clearer pictures of vehicle inventory and price.
Consumers can frequently fill out necessary paperwork or accomplish essential steps like applying for credit online, saving them valuable time, according to the study. New and used car buyers saved an average of 42 minutes at an in-person dealership by completing these tasks online.
While completing paperwork online can expedite the process, vehicle shoppers still prefer to test drive vehicles and pick up their cars in person.
Satisfaction is driven by streamlining the transactional portions of the car buying journey, Isabelle Helms, VP of research and market intelligence at Cox Automotive, said in a statement.
Helms said the key to customer satisfaction is ease and efficiency.
“Auto dealers who embrace the latest technology and engage in a transparent, easy-to-navigate process have consistently delivered the highest levels of satisfaction,” she said.
Dealers, too, reported record satisfaction, with 81% of dealers surveyed expressing satisfaction with the car buying process.
Outside of dealer enhancements like more efficient digital tools and transparent pricing structures, improved market conditions such as expanded vehicle inventory in 2024 also positively affected consumer sentiment, Cox said.
According to the study, 42% of shoppers said their new car buying experience was better than their previous purchase.
Satisfaction rates were even higher for EV buyers, according to the study, with 82% of consumers reportedly satisfied with the purchasing process. Cox said EV buyers tend to be more comfortable using digital tools.
However, purchasing a used car was a less satisfying experience than that of a new car, with just 64% of used car buyers reporting satisfaction with the purchasing process. Used vehicle buyers said they were confronted with a number of obstacles in 2024, such as limited inventory and fewer digital buying tools.
Though used vehicle buyers weren’t as satisfied with their shopping experience, the 2024 satisfaction rating was the highest for this segment since before the pandemic, Cox said.
The study surveyed 2,300 consumers who purchased used or new cars over a 12-month period between 2023 and 2024, measuring customer satisfaction on a variety of indicators such as vehicle financing, EV buying, certified pre-owned vehicle purchasing, dealership experience and online shopping.
