2022 Car Buyer Journey Study Cox Automotive has been conducting the Car Buyer Journey Study for the past 13 years to determine key changes in consumer buying behavior. The extensive study is based on a survey of over 10,000 consumers who were in the market to purchase or lease a vehicle in 2022. Highlighted here are the main insights revealed in this year’s Car Buyer Journey Study. INSIGHT 1
70%
Satisfaction with the experience is down to pre-pandemic levels
2021: 71% NEW
Used car buyers experienced a sharper decline v s. new buyers 74% 72% 70% 68% 66% 64% 62% 60% 58% 56% 54%
58%
72%
2021: 65% USED
66%
60%
2016
62%
61%
61%
60%
2017
2018
2020
2019
2021
2022
Average of new and used buyers
INSIGHT 2
Completing all steps of the financing journey online saves 2 hours at the dealership More steps completed online = higher satisfaction and less time at the dealership
<1hr WITH ALL 7 FINANCIAL STEPS COMPLETED ONLINE
Total Time Spent at Dealership
Comparing interest rates
1
3hrs WITH 1-3 FINANCIAL STEPS COMPLETED ONLINE
Looking up credit score
2
Pre-qualifying for loan
3 Calculating monthly payment
4
5
Applying for credit
6
Pre-approval for a loan
7 Signing paperwork
Arrows indicate significant difference between years at the 95% confidence interval
Research & Market Intelligence © 2022 by Cox Automotive, Inc. All rights reserved.
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