Car buyers moved faster, shopped mostly online, and were happier with their car buying experience in 2020 than before. That’s the conclusion of the Car Buyer Journey Study, Pandemic Edition from Cox Automotive (parent company of Kelley Blue Book).
As the COVID-19 pandemic shut down much of the economy, Americans still bought new cars when they had to. But they did so faster, with a clearer understanding of what they wanted, and spent less time both online and in the dealership than in most prior years.
You can safely buy a car during the coronavirus crisis with a few simple steps.
The biggest takeaway is that buyers were happier – much happier – with their buying process during the pandemic than before. A total of 74 percent of new car shoppers, and 71 percent of used car shoppers, pronounce themselves satisfied with their shopping experience. That’s up from 62 and 60 percent the year before.
Less shopping time online and in dealerships
Pandemic shoppers spent less time researching their purchases than in prior years, in many cases because they didn’t have much to research. The top reason for spending less time in the shopping process is that buyers already know what they want. They also visit fewer websites while doing research. But they still trust third-party websites (like the one you’re reading now) above manufacturer or dealer sites.
By spending less time in the dealership than in any prior year, and they also report more satisfaction the less time each step in the process took.
Among new-car shoppers, dealer incentives led to more purchases than in prior years. A total of 17 percent of buyers report that an attractive deal triggered their purchase, compared to just 11 percent the prior year. But buyers remain loyal to their preferred brand. Up to 72 percent of new car buyers, and 58 percent of used car buyers, buying a brand they’d owned before.
The pandemic has, at least temporarily, reversed some trends away from car ownership. Used car buyers report less usage of ride-sharing services, taxis, and public transit during the crisis. One in four shoppers reports that they still plan to add another vehicle to their household because they “no longer want to use other transportation.”
The survey looked at 2,010 buyers who purchased a new car between March and September 2020, after researching their decision on the internet; and 1,006 buyers who bought a used car. Cox Automotive has conducted the survey for 11 years.
