Car buying in the US is turning into a credit and research process. In Q4 2023, the average monthly auto payment was $717, and shoppers now spend more than four weeks researching before purchase. The digital shift is clear too, with 62% of shoppers using at least one digital tool during the process in 2024. BEVs accounted for 4.1% of new sales in the US in 2023, while used-car demand and subprime lending pressures shape what many buyers ultimately pay.
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
In the U.S., new vehicle registrations reached 11.3 million in 2023, underscoring a sizable market base for car buyers within the Market Size category.
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
With BEVs reaching only about 14% of global new car sales in 2023 and 4.1% in the US, the industry trend for car buyers is being shaped even more by mainstream demand for pre owned options, since used vehicles account for 39% of US purchase intent in 2024 and average used cars are about 6.9 years old.
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 their purchases digitally, consumer behavior is clearly shifting toward online decision making in the auto buying journey.
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
In the Pricing and Incentives landscape, U.S. new-car transaction prices fell 2.6% from 2022 to 2023 while the average new-car price reached $46,759 in 2024 and used-car prices averaged $25,408, yet monthly payments were still about $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
For the Financing & Credit landscape, 2023 to 2024 data shows subprime buyers are taking on heavier risk with used auto loans averaging 102% LTV, while 33.2% of U.S. auto loans in 2024 came from subprime credit bands and repossessions remained a steady 0.75% in 2023.
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 the Technology & Digital arena, car shoppers are heavily shaped by online behavior and expectations, with 62% using at least one digital tool and 3 out of 4 beginning with search while about 80% expect fast online responses.
report visual · Comparison
Car shopping: digital shift & financing pressure
Digital preferences and tool use are high, while a meaningful share of auto lending is subprime—signals buyers are navigating both tech-first shopping and credit constraints.
Kelley Blue Book reported that 62% of shoppers use at least one digital tool during the shopping process in 2024 (digita62%
41% of new-vehicle shoppers say they prefer to finalize their purchase digitally, per J.D. Power auto shopping research
41%
TransUnion reported that 33.2% of U.S. auto loans were originated with a subprime credit score band in 2024 (share of or
33.2%
The CFPB reported that 8.5% of auto loan borrowers received higher interest rates than expected due to inadequate disclo
8.5%
source-verifiedjdpower.com · kbb.com · transunion.com · consumerfinance.gov2024
Reference
Cite This Report
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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)