Car buyers said it was easier to purchase a vehicle in February than at any point over the last two years, reflecting a nationwide surge in both new and used vehicle demand in recent months.
According to CDK Global, car buyers gave ease of purchase during February the highest marks since the company began tracking the factor in mid-2022. Eighty-eight percent of consumers said it was easy to purchase a vehicle compared to 84% in January and 85% during the prior-year period.
Driving this increase is a surge in inventory, not just in terms of volume but also in terms of model availability. While vehicle supplies have been on the rise since early 2023, in-demand cars have remained difficult to find. However, 50% of consumers in February said they found the exact model they were looking for in stock, up from 45% in January. An even greater number of car buyers (74%) said it was easier to find their desired vehicle than during the previous month (68%).
Other factors may have also contributed to February’s high ease of purchase rating. The average tax return this year was 6% higher than in 2023, meaning consumers had more funds to apply toward their vehicle purchase. Since affordability has been a major consumer pain point since the COVID-19 pandemic, this may have removed stress from the car buying process that would have otherwise withheld February’s score.
The unprecedented levels of ease with which consumers bought vehicles in February coincided with a surge in new and used vehicle demand. Sales have risen so fast that inventory levels have declined sharply in a matter of months, even though they remain higher than last year. Provided dealers continue to make the car buying process easier for their customers, this surge may last well into the coming months as affordability gradually returns to the market.
