2024 Car Buyer Journey Study Findings

The document is a research report detailing the findings of the 2024 Car Buyer Journey Study conducted by Cox Automotive. It outlines the significant increase in overall satisfaction among new-car buyers, which reached a record high of 75%. The report indicates that dealership satisfaction also achieved a historic high of 81%. Key factors contributing to this satisfaction include advancements in digital tools and a seamless omnichannel buying experience that integrates online and in-dealership activities. The study notes that buyers experienced less sticker shock and felt more favorable about vehicle selection in 2024. Despite an increase in the total time required for the buying process, which averaged over 13 hours, satisfaction levels remained high. The report highlights that new electric vehicle buyers reported the highest satisfaction rates compared to hybrid and traditional internal combustion engine buyers, attributed to their higher engagement with online resources. The study methodology involved an online survey of 2,310 consumers who purchased or leased vehicles between September 2023 and August 2024.