New-vehicle buyers reported a record 75 percent satisfaction rate with the overall shopping experience, the highest ever record in the 15 year history of Cox Automotive’s 2024 Car Buyer Journey (CBJ) Study.
According to analysis, the surge is attributed to advancements in digital tools, pricing transparency and a balance between online and in-person dealership experiences as well as improving sales incentives and a wider selection of new-vehicle inventory. In fact, 42 percent of new-car buyers stated their experience was better than their prior purchase, with dealership satisfaction reaching a historic high of 81 percent.
“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, Cox Automotive. “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.”
Report Highlights
The report highlighted how the omnichannel buying experience saves time, reduces repetition and ultimately improves satisfaction with the overall car-buying journey. Among other revelations were growing satisfaction among electric vehicle (EV) buyers, who are leading the way in satisfaction during the car-buying process.
The 2024 Car Buyer Journey results were derived from surveys of more than 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.
The Success of Digital Tools
Improved digital tools and advances in AI have revolutionized the car-buying experience, offering a more transparent view of pricing, financing details and inventory availability, according to Cox analysis. Buyers completing key steps online, such as applying for credit, saved an average of 42 minutes at the dealership—and new-vehicle buyers saved seven minutes than that average.
Of those that completed more than half of the required steps online, 82 percent expressed high satisfaction with their dealership experience. But buyers still indicate they value time spent at dealerships for test drives, interacting with sales teams, and vehicle pick-ups—essential components of a seamless in-person experience.
“It is a common misconception that most vehicle buyers today want a completely online car-buying process,” said Helms. “The findings in the latest CBJ Study indicate that buyer satisfaction is influenced not merely by the time involved, but rather by the efficiency of the transactional aspects of the buying journey.”
EV Buyers Most Satisfied
As the EV market continues to grow, this cohort reported higher satisfaction levels across several critical aspects of the purchase experience, outperforming their traditional internal combustion engine (ICE) buyers.
The data shows that 82 percent of new EV buyers stated they were “highly satisfied” with the overall shopping experience, compared to 75 percent of new ICE vehicle buyers. Seventy-six percent of EV buyers indicated they used digital tools in the buying process, whereas only 42 percent of traditional ICE buyers took steps online (64 percent of hybrid buyers engaged online tools).
These tools provide clarity on inventory, financing options, and add-ons like charging equipment or related F&I products, making complex components of the EV purchase more accessible. With more buyers embracing online buying tools, EV buyers, on average, spend less time than ICE buyers at a retailer negotiating and finalizing paperwork. EV buyers were also more satisfied with how long the entire shopping process took.
