Car-Buying More Satisfying in 2023

Automotive consumers indicated they had a more satisfying experience buying a vehicle last year after two years of declines.

Consumers who were “highly satisfied” with the process rose from 61% to 69% year-over-year, an annual Cox Automotive study found.

It credited revived inventory, the return of incentives and expanded use of an “omnichannel approach” to the process, or a combination of online and in-store buying.

Broken down among types of vehicles bought, electric-vehicle buyers reported the most satisfaction with the purchase process: 80% of those who bought new EVs said they were highly satisfied. New-vehicle buyers followed at 73%, and those who bought used models at 68%.

A historic high of survey respondents buying new vehicles said they were highly satisfied with the dealership experience itself – 79% compared to 74% for all buyers.

“There is an often-cited narrative that suggests going to a car dealer is worse than a root canal,” said Cox Vice President of Research and Market Intelligence Isabelle Helms. “Our research and data, however, suggest that this is simply not the case.”

Affordability, though still a concern among auto consumers, was less so last year, Cox said. On price paid, 49% of respondents said they paid more than expected, down from 54% in 2022. Dissatisfaction on price was highest among used-vehicle buyers.

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Originally posted on Auto Dealer Today