The 2024 Cox Automotive Car Buyer Journey (CBJ) Study reveals that new-car buyer satisfaction has reached a record high, with 75% of buyers reporting overall satisfaction—the highest in the study’s history.
This surge in satisfaction is largely driven by advancements in digital tools and the seamless integration of online and in-store experiences, a trend known as the omnichannel buying experience. It’s a shift that not only saves time but reduces repetition and enhances the overall buying journey, setting a new standard for the industry.
According to the study, electric vehicle (EV) buyers set the pace in customer satisfaction, with 82% reporting they were delighted. This figure surpasses traditional internal combustion engine (ICE) buyers, who rated their satisfaction at 75%. The growing preference for EVs is supported by an increased reliance on digital tools, with 76% of EV buyers using them compared to only 42% of ICE buyers. These tools offer transparency on pricing, financing, inventory, and additional products like charging equipment, making the process more streamlined.
Additionally, the study asserts that the omnichannel approach – where consumers transition seamlessly between digital and physical spaces – reshapes the buying process. By completing key steps like credit applications or pre-filling paperwork online, buyers save valuable time at the dealership. On average, new car buyers save 49 minutes, while used car buyers save 40 minutes. Satisfaction among those who complete more than half of their buying process online is notably high, with 82% of new-car buyers expressing satisfaction.
While digital tools are crucial, the study also discovers that buyers still value in-person experiences, such as test drives and interactions with sales teams. As Vice President of Research and Market Intelligence at Cox Automotive, Isabelle Helms, commented, “It’s a misconception that most buyers want a fully online process. Satisfaction is influenced by the efficiency of the entire journey, not just time spent online or in-store.”
EVs continue to shine in satisfaction.
Moreover, the 2024 study underscores the growing appeal of EVs, not only for their environmental benefits but also for their superior customer satisfaction. In addition to the higher digital engagement, EV buyers were also more likely to use social media and third-party sites like Kelley Blue Book and Autotrader during their search, relying on expert reviews and videos to guide their decisions. Safety and technology were among the most important factors for EV buyers, who valued the advanced features of these vehicles.
The 2024 CBJ Study, based on surveys of more than 2,300 vehicle buyers, highlights the increasing importance of digital tools and the seamless integration of online and in-store activities. As auto dealers continue to embrace these technologies, the study shows that those who engage in a transparent, efficient process consistently deliver higher levels of customer satisfaction.
