A new study finds record high satisfaction among new-vehicle buyers. The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive found that new-vehicle buyers reported a record 75% satisfaction rate with the overall shopping experience - the highest in the study’s history. Analysts largely attribute this to advancements in digital tools that create an "omnichannel" experience, pricing transparency and a balance between online and in-person dealership experiences. There are other factors, too. Analysts say improving sales incentives and a wider selection of new-vehicle inventory contributed to increased satisfaction as well.
“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.”
Notably, researchers say 42% of new-car buyers stated their experience was better than their prior purchase, with dealership satisfaction reaching a historic high of 81%. But satisfaction was down overall due to used-car buyers. Analysts say the overall decline was likely driven by several factors, including elevated auto loan rates, which hit a 20-year high in 2024. Used-vehicle inventory remained tight throughout 2024 as well, and used-vehicle buyers are less likely than new-car buyers to encounter improved digital tools that support a seamless, efficient, "omnichannel" vehicle-buying process.
The study also highlights the growing satisfaction among electric vehicle (EV) buyers, who are leading the way in satisfaction during the car-buying process.
To read more about the study's findings click here.
Photo credit: DuxX/Shutterstock.com.