Electric vehicle (EV) buyers are setting the standard for car-buying satisfaction, according to the 2024 Cox Automotive Car Buyer Journey (CBJ) Study. New insights highlight the growing importance of digital tools and seamless integration between online and in-dealership activities in shaping the car-buying experience.
New-car buyers reported a record 75% satisfaction rate with the overall shopping experience, the highest in the study’s 15-year history. EV buyers stood out, with 82% expressing high satisfaction compared to 75% of buyers of internal combustion engine (ICE) vehicles. This milestone reflects the efficiency and transparency offered by digital tools, which streamline the process and save significant time at the dealership.
Advancements in Digital Tools Empower Buyers
Digital tools have revolutionized car buying, enabling buyers to complete steps like credit applications or paperwork online, saving an average of 42 minutes in-store. EV buyers are especially adept at leveraging these tools, with 76% using digital resources during the process compared to just 42% of ICE buyers.
"Auto dealers who embrace the latest technology and engage in a transparent, easy-to-navigate process have consistently delivered the highest levels of satisfaction," said Isabelle Helms, vice president of Research and Market Intelligence at Cox Automotive.
Despite spending more time shopping and researching in 2024, buyers reported enjoying these activities, such as exploring product features and test-driving vehicles, rather than being bogged down by transactional processes.
Omnichannel Integration Delivers Seamless Experiences
The study underscores the importance of omnichannel integration -- connecting online and in-person activities to create a seamless buying journey. Buyers who completed more than half of the process online reported significantly higher satisfaction, with 82% of new-car buyers expressing approval of their dealership experience.
Helms emphasized that buyer satisfaction hinges not solely on time spent but on the efficiency of transactional elements: "New technology is streamlining the purchasing process, making it more efficient and easier. That’s the key to higher satisfaction."
Challenges and Opportunities for Used-Vehicle Buyers
While satisfaction for new-car buyers reached new heights, overall industry satisfaction declined slightly, driven by challenges faced by used-vehicle buyers. Tight inventory and elevated auto loan rates contributed to a dip in satisfaction, which fell to 64% for used-car buyers, down from 67% the previous year.
Still, satisfaction among used-vehicle buyers remains higher than pre-pandemic levels, a testament to dealer investments in digital tools and streamlined processes during recent years.
EV Buyers Lead the Charge
EV buyers continue to outpace ICE buyers in satisfaction, particularly in areas such as financing transparency, inventory clarity, and the availability of add-ons like charging equipment. Social media, expert reviews and online test-drive videos are integral to the EV buyer journey, further enhancing the experience.
Looking ahead, dealers and manufacturers have a clear roadmap: investing in digital innovation and maintaining a seamless omnichannel process can elevate satisfaction across the board. The EV market’s success offers a glimpse into a more efficient and satisfying future for all vehicle buyers.
