Report: Car buyers are smarter, better prepared, and more satisfied

According to the latest CarGurus Consumer Insights Report—car buyers are more satisfied, online shopping is growing, and financing trends are shifting. But for dealers—deeper changes are reshaping the business.

First things first: The findings were drawn from a survey of 3,150 auto purchasers and sellers of new or used automobiles over a four-month period in 2024. The report zeroes in on several key consumer shifts in the business, driven by the growing increase in dealers and consumers leveraging technology:  

• 79% of vehicle buyers were satisfied with their overall buying experience, 35% of which were “extremely satisfied,” up from 28% in 2023. 

• The number of people in the market for a replacement vehicle fell to 49% in 2024 compared to 61% in 2023, while the number of shoppers looking to buy the first vehicle in their household rose to 18%, up from 12% in 2023.   

• More buyers and sellers are opting to complete more steps online, with 80% of buyers wanting to do more from home, compared to 69% in 2023. 87% of sellers are now choosing to sell completely online, a slight increase from 82% in 2023.

Zooming in: Online tools are no longer just a convenience—they’re a core part of the car buying and selling journey. As more buyers do their homework from home and expect to complete steps digitally, dealers must be ready to provide seamless online options for everything from trade-ins to financing and vehicle selection. 

Zooming out: The report also found that interest rates are not as much of a barrier as some may think and consumers are still finding ways to make deals work.

• Only 11% of buyers said rates deterred them from financing a vehicle, down from 16% in 2023. 

• Roughly half of the buyers (53%) surveyed financed their vehicle, with 37% choosing to handle the process online and 34% in person. 28% preferred a combination of both. 

• For those who purchased a vehicle at a retail store, 64% secured financing at the dealer in 2024 compared to 49% in 2023.

Why it matters: Car buyers and sellers know exactly what they want and how to get it. With online tools shaping decisions before they ever step into a dealership, pricing, financing, and trade-ins need to be simple, transparent, and straightforward.

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