A new Cox Automotive study reveals that car shopper sentiment has surged significantly over the past decade—though pain points remain in the trade-in and F&I processes.
The details: Based on a survey of 1,090 new and used car buyers and 256 franchise dealers over the past 12 months, the study found that overall satisfaction in the dealership journey has climbed steadily over time, from 60% in 2016, to 68% in 2024.
The biggest process improvements include test drives, deal negotiation, and financing steps.
Pain points remain during trade-in appraisals and F&I product evaluation.
But 81% of shoppers associated positive emotions such as excitement, hopefulness, empowerment and confidence with their vehicle purchase experience.
Why it matters: Providing customers with more transparent and smoother processes builds trust and often pays off with repeat sales, and stronger word-of-mouth referrals.
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Between the lines: Idle time is the top pain point in the shopping journey—with friction during the final steps of the deal resulting in 24% of buyers abandoning the buying process altogether.
Negotiations rank as the number one friction point at which buyers (44%) bail on the car buying journey when finalizing the deal.
Dealing with trade in offers was the second biggest pain point during the journey (23% of consumers), followed by determining affordability (22%), and applying for finance (21%).
Follow the money: Dealers with improved satisfaction over the past 12 months saw 88% more profit/sales compared to 49% for dealers with the same (or declining) customer satisfaction.
What they’re saying: "While the car buying experience is not yet a perfect science, dealers will want to focus on areas where buyer needs are not being fully met to create a less stressful, more convenient sales process that is tailored to their customers," said Lori Wittman, President of Retail Solutions at Cox Automotive.
"To alleviate these negative feelings, dealers can provide accurate appraisals, clear F&I product transparency, and personalized recommendations," she added.
Bottom line: Car buying satisfaction has improved, but the gains are uneven. Dealers who streamline trade-in appraisals, F&I, and deal-closing friction stand to capture more sales and profit, while those who don’t risk losing nearly one in four buyers before the deal is done.
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