According to Cox Automotive’s annual Car Buyer Journal Study, 69% of customers were highly satisfied with the process, up from 61% last year. The satisfaction with the car buying process improved in 2023, but it’s still down from its peak in 2020. The study shows that overall satisfaction with the car buying process improved in 2023, yet satisfaction is down from its peak in 2020.
EV buyers are happier with the process
The number of highly satisfied buyers increased to 73% for new vehicles and 68% for used ones, and electric vehicle shoppers were the most pleased with the buying process, with 80% reportedly being highly satisfied.
Additionally, the data shows that 71% of customers preferred a mix of online and in-store shopping, while only 43% of car buyers completed the process using both in-store and online channels. Meanwhile, 21% said it would be best for an entirely online process, and only 8% preferred all in-person. EV buyers are ahead of the trend, with 69% saying they used an omnichannel approach, compared to ICE vehicle buyers at 39%.
Another 16% of EV shoppers bought entirely online, and 15% in person. This approach is preferred by buyers due to its speed and efficiency. Furthermore, new EV buyers were most satisfied with the time required, with 77% saying they were highly satisfied, while new ICE vehicle buyers that were highly pleased with the time dropped to 59%.
The study reveals how EV buying is speeding up the process with new tools and tech. New EV buyers spent less than 11 hours in total, about an hour less than those buying new ICE vehicles.
Electrek’s Take
Tesla accounted for over half of US sales last year, significantly influencing the study’s findings. Tesla’s sales approach is known for being easy, as they do not use a dealer system, eliminating the need for haggling and reducing the time and frustration of going to a dealership.
Legacy automakers, like Ford, are looking to streamline the dealer process to keep pace with Tesla. Ford’s CEO, Jim Farley, emphasizes the need to lower costs, increase profits, and deliver a superior customer experience to compete. Others are taking similar approaches.
Is buying an EV easier? Let us know your experience in the comments.
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