Slightly more than half of used car buyers indicated they were thoroughly pleased with the purchasing process last year.
Surveying 6,118 car buyers for their 2022 Car Buyer Journey, Cox Automotive found 58 percent of used car buyers were highly satisfied with the overall shopping experience. That was down from 65 percent in 2021.
Cox Automotive found 58 percent of used car buyers were highly satisfied with the overall shopping experience.
Including new cars buyers, 61 percent were highly satisfied in the annual study released Wednesday.
The study was created after surveying 10,000 consumers — 4,150 vehicle shoppers and 6,118 vehicle buyers.
“With the annual NADA convention opening in Dallas later this month and bringing together auto dealers from across the country, we think it is more important than ever to showcase the current state of vehicle buying in America,” said Isabelle Helms, vice president of Research and Market Intelligence at Cox Automotive in a press release. “While buying a vehicle is a complicated transaction, with financing required, trade-in valuations to consider and plenty of research required, it does not have to be frustrating for the consumer. With the right digital tools and systems in place, car buying can be a highly satisfying activity, and as efficient and streamlined as consumers want it to be.”
Time spent in the vehicle buying process, limited inventory and high prices impacted the car buying satisfaction.
The vehicle buying process was nearly two hours longer in 2022 at 14 hours and 39 minutes. It was 12 hours and 27 minutes in 2021.
Shoppers were active online while shopping nearly five websites on average, one more than last year. Automaker, dealer, third-party and used vehicle online retailers all had more traffic from shoppers.
Limited inventory increased the time shopping, according to respondents. They spent more time researching, with 64 percent of shoppers considering both new and used vehicle.
Of buyers, 54 percent found prices to be higher than expected. Also 63 percent paid more than they intended for a vehicle. Satisfaction with the price paid declined from 63 percent in 2021 to 48 percent last year.
According to the Cox research, 67 percent of buyers also purchased an F&I product, an increase of 8 percent.
According to the Cox research, 67 percent of buyers also purchased an F&I product, an increase of 8 percent. The number of products purchased also increased from 1.3 to 1.6.
The study also found 55 percent of buyers checked their credit scores online, only 36 percent calculated monthly payments online; 30 percent applied for credit online and 12 percent, signed paperwork online last year.
Digital solutions were received positively by buyers and shoppers, with 81 percent saying online activites improved the overall buying experience. Mostly digital buyers — those completing more than 50 percent of the purchase online — were satisfied at a 67 percent rate.
Find the complete study at www.coxautoinc.com/market-insights/2022-car-buyer-journey-study.
