Study Shows Car Buying Process Improves

By Staff Writer February 28, 2021 495
 One of the top steps added due to COVID-19 by dealerships was test drive home delivery the study found One of the top steps added due to COVID-19 by dealerships was test drive home delivery the study found

Cox Automotive recently released its 11th annual Car Buyer Journey Study that suggests the automobile buying process improved during the prolonged downturn. Both new- and used-vehicle buyers in 2020 report the process took less time and was more efficient than before. Overall, buyer satisfaction reached an all-time high in 2020.

Vehicles buyers in 2020 were motivated by “want,” as opposed to “need

The extensive study is based on a survey of consumers who bought or leased a new or used vehicle and is designed to offer a detailed look at the vehicle buying process in America, from start to finish.  

The amount of time spent actively shopping and buying dropped significantly in 2020, according to the study. Buyers reported spending an average of just over 13 hours in the entire process, from start to finish, down from nearly 15 hours in 2019. New-car buyers spent just over 11 hours on the necessary steps, everything from shopping and negotiating the deal to taking delivery of the new vehicle. The biggest time savings in 2020 was in the online shopping phase. 

As dealers adapted their business due to COVID-19 the overall vehicle-buying process was streamlined. As a result, the number of dealerships visited and the amount of time spent in dealerships dropped in 2020. One of the top steps added due to COVID-19 was test drive home delivery. Notably, an estimated 22 percent of vehicle buyers said they did not test drive a vehicle at the dealership; however, of the buyers who took a test drive, approximately 81 percent were satisfied with the process, the highest satisfaction rating for any step.

According to the CBJ Study, as the vehicle buying process becomes more efficient, satisfaction levels increase.

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Last modified on Wednesday, 10 March 2021 12:41