Photo: Stellantis
Shopping for a new (or used) car is a thrilling experience in itself, and this was true also in 2021, despite the problems that affected the auto industry. A new study by Cox Automotive shows car buyers could not be more satisfied with their shopping experience.
Buying a new vehicle is considered a unique life event for a lot of people. Emotions are high, and so is excitement, although things might have changed in the past years. It is true, vehicles prices went through the roof, and with parts shortages and other supply problems, the long waiting lists followed. This prompted dealers to make up for the sale loss by marking up the car prices, and you might think all these problems made buying a vehicle an unpleasant experience.
Well, you couldn’t be further from the truth, as the new study from Cox Automotive showed. Despite the ongoing problems in the market, car buyers still enjoyed the whole process, including the dealership experience. In fact, 66% of consumers were highly satisfied with their shopping experience, while 75% of buyers in 2021 noted they were highly satisfied with the dealership experience. I guess dealer markups were the missing ingredient that kept people from being satisfied in the past.
To be sure, the level of satisfaction was even higher in 2020, at 72%. We say that doesn’t count as people just escaped from their homes after the quarantine. Buying their next vehicle was probably the most exciting moment throughout the year, so we’ll have to excuse them.
It was not only the new car buyers that voiced their satisfaction. Those shopping for a used vehicle also appreciated the interaction with the dealer or retailer that facilitated the purchase. More precisely, 74% of them were satisfied with the overall dealer experience. This sounds hard to believe today when dealers are not shy in marking up vehicle prices, but we’ll have to wait until next year to see how this went with the buyers.
2021 also marked the start of a new trend, where consumers favored online interaction over in-person dealership visits. The buying decision was made after researching online for a new vehicle. The average buyer only visited two dealerships in the process, relying more on digital tools. The study concludes that the digital buyers were more satisfied with the buying experience overall.
Well, you couldn’t be further from the truth, as the new study from Cox Automotive showed. Despite the ongoing problems in the market, car buyers still enjoyed the whole process, including the dealership experience. In fact, 66% of consumers were highly satisfied with their shopping experience, while 75% of buyers in 2021 noted they were highly satisfied with the dealership experience. I guess dealer markups were the missing ingredient that kept people from being satisfied in the past.
To be sure, the level of satisfaction was even higher in 2020, at 72%. We say that doesn’t count as people just escaped from their homes after the quarantine. Buying their next vehicle was probably the most exciting moment throughout the year, so we’ll have to excuse them.
It was not only the new car buyers that voiced their satisfaction. Those shopping for a used vehicle also appreciated the interaction with the dealer or retailer that facilitated the purchase. More precisely, 74% of them were satisfied with the overall dealer experience. This sounds hard to believe today when dealers are not shy in marking up vehicle prices, but we’ll have to wait until next year to see how this went with the buyers.
2021 also marked the start of a new trend, where consumers favored online interaction over in-person dealership visits. The buying decision was made after researching online for a new vehicle. The average buyer only visited two dealerships in the process, relying more on digital tools. The study concludes that the digital buyers were more satisfied with the buying experience overall.
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