Cox Automotive’s latest Car Buyer Journey study shows that overall satisfaction with the vehicle shopping experience has reached new heights, with 75% of buyers reporting satisfaction. Key factors driving this improvement include better incentives, more inventory availability, and the integration of digital tools.
However, satisfaction levels vary across different vehicle types. New electric vehicle (EV) buyers reported the highest satisfaction at 82%, outpacing hybrid (76%) and internal combustion engine (ICE) vehicle buyers (75%). The study attributes much of this difference to the increased use of digital tools, with 76% of EV buyers utilizing online resources compared to 42% of ICE buyers. Notably, 64% of hybrid buyers also used digital tools, but their satisfaction was only slightly higher than that of ICE buyers.
The study also highlighted that EV buyers tend to be more engaged in the research phase, with a greater focus on safety and technology when making purchasing decisions. In contrast, dealership satisfaction reached a record high of 81%, and 42% of new car buyers reported that their recent purchase experience was better than their previous one.
Despite these positive trends, satisfaction among all vehicle buyers declined slightly by 2%, primarily due to dissatisfaction among used car shoppers.
These customers face challenges such as tight inventory, high prices, and elevated interest rates, coupled with limited access to modern digital tools. Nevertheless, the satisfaction rate for used-vehicle buyers—at 64%—was the highest since before the COVID pandemic.
The study also revealed the continued importance of in-person dealership interactions. While online paperwork has reduced time spent at the dealership—saving new car buyers an average of 49 minutes and used car buyers 40 minutes—buyers still value time spent at the dealership for activities such as test drives and vehicle pick-ups.
Isabelle Helms, Cox’s Vice President of Research and Market Intelligence, stated, “It is a common misconception that most vehicle buyers today want a completely online car-buying process. 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.”
