Dealer satisfaction reaches new high, electric car buyers happiest

82% of new EV buyers are very satisfied, compared to 75% of ICE buyers

Cox Automotive has released its latest car buyer journey study, finding that new car buyers are more satisfied than ever with their overall shopping experience. Buyer satisfaction was 75%, which the company attributed to a variety of factors, including improved incentives, more inventory and digital tools.

However, satisfaction depends on what you purchase. 82% of new EV buyers are “very satisfied,” surpassing hybrids (76%) and internal combustion engine vehicles (75%). Much of this is attributed to the use of digital tools in the buying process. As Cox explains, 76% of EV buyers use digital tools, compared to only 42% of ICE buyers. You probably don’t want to read too much into this, however, as 64% of hybrid buyers use digital tools, and their satisfaction levels are barely higher than those of ICE buyers.

More: Study shows heavy reliance on your car can make you unhappy

Interestingly, EV buyers are more engaged as they are more likely to read and watch reviews. These customers are also placing greater emphasis on security and technology in their decision-making processes.

Electric vehicles aside, dealer satisfaction reached an all-time high of 81%. Additionally, 42% of new car buyers said their most recent car purchase was better than their last purchase.

However, satisfaction among all car buyers fell 2% due to dissatisfied used car shoppers. These customers face a number of headwinds, including tight inventory, rising prices and high interest rates. Access to modern digital tools that enable a seamless purchasing experience is also limited.

While there is plenty of room for improvement in the used car buying experience, Cox noted that “satisfaction among used car buyers is 64%, higher than at any time before the global COVID-19 pandemic.”

Speaking of COVID, the shift to online paperwork has saved customers a lot of time at the dealership. New car buyers can save 49 minutes, and used car buyers can save 40 minutes.

However, the study found that buyers still value the time they spend at a dealership, especially test drives, picking up the car and interacting with the sales team. “It’s a common misconception that most car buyers today want a completely online car-buying process,” said Isabelle Helms, vice president of research and market intelligence at Cox. “Findings from CBJ’s latest research show that buying Home satisfaction is affected not only by the time involved, but also by the efficiency of the transactional aspects of the purchase process.”

Cox Automotive