• A study has found new car buyers are more satisfied with the shopping experience than ever before.
  • EV buyers had the highest satisfaction, while hybrid and ICE buyers were notably less satisfied.
  • Used car buyers weren’t very satisfied as they’re facing elevated prices and limited inventory.

Cox Automotive has released their latest Car Buyer Journey study and it found new vehicle buyers are more satisfied with the overall shopping experience than ever before. Buyers had a 75% satisfaction rate and the company chalked that up to a variety of factors including improved incentives, more inventory, and digital tools – among other things.

However, satisfaction varies depending on what you’re buying. 82% of new EV buyers were “highly satisfied,” which bested rates for hybrids (76%) and ICE-powered vehicles (75%). A large part of this is being attributed to the use of digital tools during the buying process. As Cox explained, 76% of EV buyers used digital tools, while only 42% of ICE buyers did. However, you might not want to read too much into that as 64% of hybrid buyers used digital tools and they were barely more satisfied than ICE buyers.

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Interestingly, EV buyers are more engaged as they’re more likely to read and watch reviews. These customers also put more of an emphasis on safety and technology during their decision-making process.

Putting EVs aside, dealership satisfaction reached a record high of 81%. Furthermore, 42% of new car buyers said their latest purchase was better than their previous one.

However, satisfaction among all vehicle buyers declined 2% due to disgruntled used car shoppers. These customers are facing a number of headwinds including tight inventories, elevated prices, and high interest rates. Access to modern digital tools, that support a seamless buying experience, are also limited.

 Dealer Satisfaction Hits New High, EV Buyers The Happiest

While the used car buying experience has plenty of room for improvement, Cox noted the “64% satisfaction rate among used-vehicle buyers was higher than at any time before the global COVID pandemic.”

Speaking of COVID, the shift to online paperwork is saving customers considerable time at the dealership. New car buyers save 49 minutes, while used car buyers save 40.

However, the study found buyers still value time spent at dealerships, especially test drives, vehicle pick-ups, and interactions with the sales team. Cox’s Vice President of Research and Market Intelligence, Isabelle Helms, said “It is a common misconception that most vehicle buyers today want a completely online car-buying process. The findings in the latest CBJ Study indicate that buyer satisfaction is influenced not merely by the time involved, but rather by the efficiency of the transactional aspects of the buying journey.”

Cox Automotive