Online Car Buying Statistics
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6. 95% of vehicle buyers use digital as a source of information. Since auto purchases are highly considered, the vast majority of vehicle shoppers use online resources to find answers to their questions. (source: Google)
8. 76% of new and used vehicle shoppers run a search before buying. Automotive consumers overwhelmingly turn to search engines to find dealerships and get answers to their questions. (source: LSA)
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the demand fluctuations for purchasing cars, thereby negatively impacting the online car buying market.
Some of the major players in the global online car buying market include Asbury Automotive Group Inc., AutoNation Inc., Cargurus Inc., CarsDirect.com, Cars.com Inc., Cox Automotive Inc, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors Inc., and TrueCar Inc.
Online car buyers also reported high satisfaction with trading in their old vehicle and financing their new one, with 80% saying they were highly satisfied with the trade-in process and 70% highly satisfied with financing their online car purchase.
Our survey occurs at a time when car buying has changed dramatically. The pandemic brought unforeseen supply chain issues and microchip shortages that reduced vehicle inventory. Consumers flocked to sites that touted nationwide inventory and a contactless process, while major automakers like Ford and Nissan promoted custom online ordering.
Not anymore. Dealerships have expanded their online sales efforts. New services like Carvana and Vroom sell directly via online marketplaces, and platforms like Progressive Car Shopping by True Car connect dealerships and buyers for haggle-free transactions.
Before the pandemic, most Americans expressed interest in purchasing cars online, but few did so. A 2017 Washington Post story reported that \"53% of U.S. consumers would be either extremely likely or very likely to buy a car entirely online.\" But dealers were slow to offer that service, and online car-buying sites like Vroom and Carvana were relatively new on the scene.
Fast forward five years to 2022, and online car buying has become an increasingly viable option that more and more Americans are embracing. With online car buyers finding satisfaction with the experience, it seems likely that more consumers will look to the web when it's time to buy their next vehicle.
In the decade before the pandemic, millennials weren't buying as many cars as older generations. They seemed to be a less car-focused generation, more likely to walk, bike, or ride-share. A 2014 story by the Washington Post reported that millennials were \"shunning cars,\" and a U.S. Public Interest Research Group (PIRG) survey predicted the trend would continue.
As they started buying more cars, millennials weren't as likely to take the traditional car-buying path. Our survey found that buyers under 40 were more likely to buy a car online than those over age 57. Only 26% of those aged 25-40 reported buying a car from a dealership, and only 23% aged 18-24 went the traditional dealership route. For those over age 57, nearly 80% purchased their vehicle at a dealership, with middle-aged buyers split close to 50/50 between online and in-person buying.
Natalie Allard, 45, of Charleston, SC, recently purchased two cars within a few months of each other, one from an online marketplace and the other from a local dealership. She chose to buy a used GMC Acadia from Carvana because she was looking for a specific car.
\"I couldn't find it anywhere at any of the dealerships and just started looking at Carvana and found what I was looking for and just decided to go for it,\" she says. She also saw a couple of neighbors have Carvana cars delivered, which gave her confidence in online car shopping. \"My experience was honestly amazing. It was so easy and just no hassle, no problems.\"
She chose to finance through Carvana as well and was highly satisfied with how easy it was. \"It was just like a push of a button,\" she says. \"You get your quote, and they give you a couple of different options. I feel like when you buy a car at a dealership, you're signing all this paperwork, and there's all this fine print, and you're like, what is this fee What is that going to\" With online financing, she says, \"it was just very straightforward and wasn't confusing.\"
After buying two cars in two different ways, Allard says she couldn't help but see the dealership experience as frustrating. She didn't like the \"vibe\" or having to schmooze with a salesperson. \"I would just rather get the car and be done,\" she says. \"I think they need to do some updating, big time.\"
She does think she probably paid a bit more for her car online but sees that as the cost of convenience. \"You're paying to not have to be driving around and looking for cars and talking to people and being schmoozed and sold,\" she says, which for her is worth it.
Our survey found that 25% of online car buyers ranked the ability to find the car they wanted online as their number one reason for shopping online. Price was considered the most important factor for 21% of buyers. Only 14% ranked COVID-19 restrictions and comfort levels as their most important reason for shopping online.
Deanna Glick, 50, from Leesburg, Va., recently purchased a new vehicle, opting to buy from a dealership. Test driving was her number one concern. \"It was important to test drive, and that influenced my decision to visit the dealership,\" she says. \"As a person of shorter stature, I really like to see how a car fits me and whether I can easily reach controls and adjust seats. This is something that can't be assessed while shopping online.\"
More than 70% of in-person buyers test drove 1-2 cars, with 16% trying out 3-5 cars. While online shoppers can't usually test drive cars before purchasing, many online car-buying websites allow cars to be returned. Buyers typically have a 5- to 7-day window before they finalize the purchase. The caveat is that you must proceed with the online purchase to get the car delivered. If you don't like the way the car drives, you're typically permitted to send it back (and get your trade-in back), no questions asked.
It makes sense that online shoppers visit multiple websites to comparison shop. Our survey found that online buyers were twice as likely to compare across more than three websites. Of those who bought their car online, 51% looked at three or more sites.
Those online car buyers who researched three or more websites were also 15% more likely to negotiate the price of their car than those who researched less than three sites (80% vs. 65%, respectively).
Our survey found that 81% of online car shoppers financed their vehicles, with 71% choosing to finance through the site where they purchased their car. A full 70% reported being highly satisfied with financing, with only 4% being somewhat unsatisfied. Nobody reported being not satisfied at all.
While online car shopping still represents a small percentage of overall car sales, online car sales companies are posting remarkable growth. Carvana recently announced that it had sold one million cars since it started selling online in 2012, with 400,000 vehicles sold in 2021 alone. Vroom's unit sales were up 123% year over year in their 2021 third-quarter report.
Our survey indicates that online car shopping is a popular service that will continue to attract consumers. Of online shoppers who purchased a car, 62% had previously purchased a car online. Only 3% said they would be unlikely to purchase a car online again.
When asked how the online car shopping experience could be improved, online shoppers said they'd like to see more digital enhancements. Examples included virtual 3D test-driving experiences and 360-degree videos of a vehicle's interior and exterior. Other suggestions included:
But don't count the dealerships out just yet. In-person shoppers still value the customer service support at a dealership, plus the ability to test drive a car and drive it off the lot on the same day. While in-person shoppers didn't report being as highly satisfied overall as online shoppers, 34% reported being somewhat satisfied. And 95% said they're highly or somewhat likely to purchase via a car dealership again. Interestingly, 15% had purchased a car online previously and went back to a dealership for their most recent purchase.
Whether shopping online or in-person, car buyers can get a car insurance quote online or talk to an agent for customized protection. Drivers nationwide who switch and save with Progressive save over $650 on average.**
From the ever-rising popularity of electric vehicles to the market share of the big manufacturers to who is buying luxury vehicles, here are the most important statistics you need to know heading into the 2023 car-buying market.
2023 is sure to bring more accessible electric and hybrid vehicles to the masses and will likely be the top choice of Gen Z-ers as more of them enter the car-buying market. If things go as predicted, both electric vehicles and luxury vehicles will continue their upward trend, selling more units each year.
Car buyers in 2021 browse for new and used vehicles online, with the majority of auto purchase research beginning on the internet. Shoppers are very conscious of both quality and affordability, which is why many are turning to used cars and looking for deals. Buyer intent is still recovering from COVID-19 and its financial impact.
As of 2021, there are several ways to purchase a car partially or totally online, but not everyone is on board. Consumers are still wary of purchases that are completely online, but they do want some aspects of the process to move to the digital space. However, some consumers (likely from the younger generations) are very interested in online and contactless auto shopping. Regardless, the car-buying process is certainly embracing digital aspects and making the shift to more online availability. 59ce067264
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