Times have been tough for the automotive industry, specifically, over the past few years, and for a number of reasons. The pandemic set off a chain of events including supply chain issues that caused major production and inventory problems, which – when combined with high consumer demand – sent prices skyrocketing. This wasn’t ideal for automakers, dealers, or consumers, really, and we’ve seen the latter two parties express plenty of frustration via several studies as of late. However, it seems as if new car buyers, specifically, are more satisfied with their purchasing experience than ever.
According to the 2024 Car Buyer Journey (CBJ) Study conducted by Cox Automotive, new car buyer satisfaction reached a new all-time high last year, in fact, hitting a record 75 percent satisfaction rate in the now 15 years that this study has been conducted. This trend began prior to the pandemic, but stalled out from 2020-2022 before inventory began to improve in 2023, and now, it’s back on a sharp upward trajectory. This year’s CBJ Study polled 2,300 consumers who purchased a new or used vehicle in a 12-month period ending in August 2024.
According to Cox Automotive, this can be attributed to a number of factors – including advancements in digital tools, pricing transparency, a balance between online and in-person dealership experiences, improving sales incentives, and a wider selection of new-vehicle inventory. Additionally, 42 percent of new car buyers stated that their experience was better than their prior purchase, with dealership satisfaction reaching a new record high of 81 percent as well.
In J.D. Power’s 2024 U.S. Sales Satisfaction Index (SSI) Study – which measures consumer satisfaction with dealers of all automotive brands – Ford and Lincoln managed to post solid scores, too. Lincoln ranked sixth among all premium brands with a score of 822 out of 1,000 possible points, in fact, while Ford came in seventh among all mass market brands with a score of 805 – both above the respective segment average.
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