ATLANTA, Jan. 18, 2023 – New research released today by Cox Automotive shows that satisfaction with the car buying process declined in 2022 for the second straight year. The 2022 Car Buyer Journey Study reveals vehicle buyers were frustrated with high prices, limited availability, and the amount of time required to complete the process. Used-vehicle buyers, who are often more price sensitive and face higher interest rates, were particularly unsatisfied with the experience in 2022, the research indicates.
Since 2009, Cox Automotive’s annual Car Buyer Journey Study has offered a comprehensive look at the overall vehicle buying process in the United States, with an eye toward consumer satisfaction. The study provides a holistic view – the journey through researching, shopping and the many purchase steps required to complete the deal – for both new- and used-vehicle buyers, and also includes research among dealership staff and management.
“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. “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.”
The 2022 Car Buyer Journey Study was created from surveying more than 10,000 consumers who were in the market for a vehicle in 2022 – 4,150 vehicle shoppers and 6,118 vehicle buyers. As part of the process, dealers were also surveyed. Most of the research was conducted during the second half of 2022.