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.
Related reading
01 · Category
Market Size1 stats
01
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)
Interpretation
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.
02 · Category
Industry Trends4 stats
01
BEVs accounted for about 14% of global new car sales in 2023 (share metric) per IEA
02
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
03
Used vehicles represented 39% of U.S. consumers’ total vehicle purchase intent in 2024 (used-vs-new share), per Edmunds/industry survey
04
The average U.S. used car age was about 6.9 years in 2024 (age of used cars metric from Cox Automotive/industry reporting)
Interpretation
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.
03 · Category
Consumer Behavior1 stats
01
41% of new-vehicle shoppers say they prefer to finalize their purchase digitally, per J.D. Power auto shopping research
Interpretation
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.
More related reading
04 · Category
Pricing & Incentives4 stats
01
2.6% average annual decrease in U.S. transaction prices for new cars from 2022 to 2023 (trend context in NADA/industry pricing reporting)
02
The average U.S. new-car price was $46,759in 2024 (Kelley Blue Book / Cox Automotive pricing benchmark as reported for annual average transaction price)
03
The average U.S. used-car price was $25,408in 2024 (Kelley Blue Book annual average used transaction price benchmark)
04
The average U.S. monthly auto payment was $717in Q4 2023 (Edmunds baseline for payment affordability)
Interpretation
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.
05 · Category
Financing & Credit5 stats
01
Loan-to-value (LTV) ratios for used auto loans averaged 102% for subprime borrowers in 2023 (Experian auto lending analysis)
02
Carvana announced $10.0 billion of gross proceeds from bond offerings in 2024 (financing environment affecting buyers’ payment options in retail used market)
03
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)
04
The 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)
05
U.S. auto repossession rates (as measured by Experian/industry tracking) were 0.75% in 2023 (repossession rate benchmark)
Interpretation
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.
06 · Category
Technology & Digital5 stats
01
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)
02
On average, U.S. shoppers spent 4+ weeks researching before purchasing a vehicle in 2024 (research duration benchmark), per Edmunds shopping process study
03
Kelley Blue Book reported that 62% of shoppers use at least one digital tool during the shopping process in 2024 (digital tool use benchmark)
04
Google’s Think with Google reported that 3 out of 4 car shoppers start their journey with search (search-driven shopping funnel metric) in 2022
05
Approximately 80% of shoppers expect brands to respond to inquiries quickly online, per IBM customer experience benchmark in 2023
Interpretation
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.
Reference
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.
Sources & references
20 datasets cited across this report · attribution is report-level
+7 additional datasets cited (not shown individually)