Car buying in the US is looking more like a credit and research marathon than a simple trip to the dealership. In Q4 2023, the average monthly auto payment was $717, yet 4+ weeks of searching and multiple digital tools are the norm by 2024. Even with BEVs making up 4.1% of new sales, the swing between new and used demand, pricing pressure, and subprime lending is where a lot of buyers feel the impact most.
Key Takeaways
- 11.3 million vehicle registrations in the U.S. in 2023 attributed to the registration of new vehicles, per Experian (State of the Automotive Market reporting)
- BEVs accounted for about 14% of global new car sales in 2023 (share metric) per IEA
- In the U.S., 4.1% of new vehicles sold in 2023 were BEVs, per IEA/US market deployment data as presented in IEA materials
- Used vehicles represented 39% of U.S. consumers’ total vehicle purchase intent in 2024 (used-vs-new share), per Edmunds/industry survey
- 41% of new-vehicle shoppers say they prefer to finalize their purchase digitally, per J.D. Power auto shopping research
- 2.6% average annual decrease in U.S. transaction prices for new cars from 2022 to 2023 (trend context in NADA/industry pricing reporting)
- The average U.S. new-car price was $46,759 in 2024 (Kelley Blue Book / Cox Automotive pricing benchmark as reported for annual average transaction price)
- The average U.S. used-car price was $25,408 in 2024 (Kelley Blue Book annual average used transaction price benchmark)
- Loan-to-value (LTV) ratios for used auto loans averaged 102% for subprime borrowers in 2023 (Experian auto lending analysis)
- Carvana announced $10.0 billion of gross proceeds from bond offerings in 2024 (financing environment affecting buyers’ payment options in retail used market)
- TransUnion reported that 33.2% of U.S. auto loans were originated with a subprime credit score band in 2024 (share of originations by credit tier)
- U.S. new car dealers accounted for about 15.9% of U.S. total retail employment in 2023 (BLS employment for NAICS 4411, dealer employment share context)
- On average, U.S. shoppers spent 4+ weeks researching before purchasing a vehicle in 2024 (research duration benchmark), per Edmunds shopping process study
- Kelley Blue Book reported that 62% of shoppers use at least one digital tool during the shopping process in 2024 (digital tool use benchmark)
With used prices high and BEV adoption still growing, shoppers are turning to digital research and faster online responses.
Market Size
111.3 million vehicle registrations in the U.S. in 2023 attributed to the registration of new vehicles, per Experian (State of the Automotive Market reporting)[1]
Verified
Market Size Interpretation
For the market size perspective, 11.3 million new vehicle registrations in the U.S. in 2023 underscore a large and ongoing pool of new-car buyers tied directly to the yearly volume of new registrations.
Industry Trends
1BEVs accounted for about 14% of global new car sales in 2023 (share metric) per IEA[2]
Verified
2In the U.S., 4.1% of new vehicles sold in 2023 were BEVs, per IEA/US market deployment data as presented in IEA materials[3]
Verified
3Used vehicles represented 39% of U.S. consumers’ total vehicle purchase intent in 2024 (used-vs-new share), per Edmunds/industry survey[4]
Single source
4The average U.S. used car age was about 6.9 years in 2024 (age of used cars metric from Cox Automotive/industry reporting)[5]
Verified
Industry Trends Interpretation
In the industry trends shaping car buying, EV adoption is still modest while demand for alternatives to brand-new vehicles is strong, with BEVs at about 14% of global new car sales in 2023 and only 4.1% in the US, alongside 39% of US purchase intent turning to used cars and an average used-car age of roughly 6.9 years in 2024.
Consumer Behavior
141% of new-vehicle shoppers say they prefer to finalize their purchase digitally, per J.D. Power auto shopping research[6]
Verified
Consumer Behavior Interpretation
With 41% of new-vehicle shoppers preferring to finalize purchases digitally, consumer behavior is clearly shifting toward online buying as part of how people choose and complete car transactions.
Pricing & Incentives
12.6% average annual decrease in U.S. transaction prices for new cars from 2022 to 2023 (trend context in NADA/industry pricing reporting)[7]
Verified
2The average U.S. new-car price was $46,759 in 2024 (Kelley Blue Book / Cox Automotive pricing benchmark as reported for annual average transaction price)[8]
Verified
3The average U.S. used-car price was $25,408 in 2024 (Kelley Blue Book annual average used transaction price benchmark)[9]
Directional
4The average U.S. monthly auto payment was $717 in Q4 2023 (Edmunds baseline for payment affordability)[10]
Single source
Pricing & Incentives Interpretation
Pricing & Incentives are showing pressure on affordability and value as U.S. new car transaction prices fell by an average of 2.6% from 2022 to 2023, while the U.S. average new-car price still sits at $46,759 in 2024 and used cars average $25,408, with the average monthly payment reaching $717 in Q4 2023.
Financing & Credit
1Loan-to-value (LTV) ratios for used auto loans averaged 102% for subprime borrowers in 2023 (Experian auto lending analysis)[11]
Verified
2Carvana announced $10.0 billion of gross proceeds from bond offerings in 2024 (financing environment affecting buyers’ payment options in retail used market)[12]
Single source
3TransUnion reported that 33.2% of U.S. auto loans were originated with a subprime credit score band in 2024 (share of originations by credit tier)[13]
Single source
4The CFPB reported that 8.5% of auto loan borrowers received higher interest rates than expected due to inadequate disclosure in its consumer finance studies (benchmark from CFPB reports on pricing/credit)[14]
Verified
5U.S. auto repossession rates (as measured by Experian/industry tracking) were 0.75% in 2023 (repossession rate benchmark)[15]
Verified
Financing & Credit Interpretation
Financing pressures remained elevated for used car buyers in 2023 to 2024, with subprime borrowers seeing 102% average LTVs and 33.2% of U.S. auto loan originations coming from subprime credit scores, while borrowers also faced higher-than-expected rates in 8.5% of cases due to inadequate disclosure.
Technology & Digital
1U.S. new car dealers accounted for about 15.9% of U.S. total retail employment in 2023 (BLS employment for NAICS 4411, dealer employment share context)[16]
Verified
2On average, U.S. shoppers spent 4+ weeks researching before purchasing a vehicle in 2024 (research duration benchmark), per Edmunds shopping process study[17]
Verified
3Kelley Blue Book reported that 62% of shoppers use at least one digital tool during the shopping process in 2024 (digital tool use benchmark)[18]
Single source
4Google’s Think with Google reported that 3 out of 4 car shoppers start their journey with search (search-driven shopping funnel metric) in 2022[19]
Verified
5Approximately 80% of shoppers expect brands to respond to inquiries quickly online, per IBM customer experience benchmark in 2023[20]
Verified
Technology & Digital Interpretation
In Technology and Digital, shoppers increasingly rely on fast, search-led online experiences, with 62% using digital tools in 2024 and 80% expecting quick responses, while three out of four begin with search and spend 4+ weeks researching before buying.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Margot Villeneuve. (2026, February 13). Car Buyer Statistics. Gitnux. https://gitnux.org/car-buyer-statistics
MLA
Margot Villeneuve. "Car Buyer Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/car-buyer-statistics.
Chicago
Margot Villeneuve. 2026. "Car Buyer Statistics." Gitnux. https://gitnux.org/car-buyer-statistics.
References
- 1experian.com/blogs/insights/auto-insights/state-of-the-auto-market/
- 11experian.com/blogs/insights/auto-loans/auto-loan-trends/
- 15experian.com/blogs/insights/auto-loans/repo-market-update/
- 2iea.org/reports/global-ev-outlook-2024/trends-in-electric-vehicle-deployment
- 3iea.org/reports/global-ev-outlook-2024/executive-summary
- 4edmunds.com/car-buying/
- 10edmunds.com/car-buying/average-car-payment.html
- 17edmunds.com/car-buying/how-long-does-car-shopping-take.html
- 5coxautoinc.com/market-insights/
- 6jdpower.com/business/press-releases/2024-u-s-vehicle-shopping-and-buying-study
- 7nada.org/NADABusinessResources/Reports
- 8kbb.com/car-news/average-new-car-price-in-2024/
- 9kbb.com/car-news/average-used-car-price-in-2024/
- 18kbb.com/car-advice/
- 12carvana.com/newsroom/press-releases
- 13transunion.com/resource-center/economic-research/auto-loan-delinquency
- 14consumerfinance.gov/data-research/research-reports/
- 16data.bls.gov/cew/apps/data_views/data_views.htm
- 19thinkwithgoogle.com/intl/en-us/automotive/auto-shopping-journey/
- 20ibm.com/topics/customer-experience