The Latest Car Buying Duration Statistics Explained
The average car-buying process is 14 weeks.
The statistic states that, on average, it takes 14 weeks for individuals to complete the process of buying a car. This timeframe likely includes the time spent researching different car models, visiting dealerships, negotiating prices, securing financing, and finalizing the purchase. The length of the car-buying process can vary based on factors such as the consumer’s preferences, budget, availability of desired vehicles, and the complexity of the purchase. Knowing the average duration of the car-buying process can help consumers plan ahead and manage their time effectively when looking to purchase a vehicle.
55% of car buyers say that they start purchasing process online.
The statistic “55% of car buyers say that they start the purchasing process online” indicates that a significant portion of individuals who are in the market to buy a car prefer to initiate their buying journey through online channels. This data suggests a growing trend in consumer behavior towards using digital platforms for researching and exploring options before making a final decision. By starting the purchasing process online, car buyers may be leveraging the convenience and accessibility of online resources such as car listings, reviews, and price comparisons to inform their decision-making process and potentially streamline their overall car buying experience.
60% of the car buying time is spent researching online.
This statistic indicates that a significant portion, specifically 60%, of the time individuals dedicate to the process of purchasing a car is allocated towards online research. This suggests that consumers are increasingly relying on digital platforms to gather information, compare options, and make informed decisions when buying a car. The prevalence of online resources such as car reviews, pricing information, and dealership websites has transformed the traditional car buying experience, allowing consumers to conduct thorough research and streamline their decision-making process before stepping foot in a dealership. The statistic highlights the growing importance of online channels in the car buying journey and underscores the need for automotive businesses to have a strong online presence to engage with potential customers effectively.
29% of car buyers start their search at a specific dealership.
The statistic that 29% of car buyers start their search at a specific dealership suggests that a significant portion of consumers have a predetermined preference for a particular dealership when beginning their car-buying process. This finding indicates that dealership reputation, brand loyalty, or prior positive experiences may play a crucial role in shaping consumer behavior in the automotive industry. Understanding this statistic can help dealerships tailor their marketing strategies, customer service efforts, and overall business approach to attract and retain potential buyers right from the beginning stages of the car-buying journey.
The typical car buyer makes two dealership visits.
This statistic indicates that, on average, car buyers tend to visit two different dealerships before making a purchase. The term “typical” here implies that most car buyers fall into this category, although individual experiences may vary. Visiting multiple dealerships can allow buyers to compare prices, features, and customer service, ultimately helping them make a more informed decision. This statistic highlights the importance of shopping around and conducting thorough research before committing to a car purchase.
The car purchasing process, from awareness to purchase, lasts around three months.
This statistic suggests that on average, the process individuals go through from first becoming aware of a car they are interested in to actually making a purchase takes approximately three months. This timeline reflects the complexity and consideration involved in the car purchasing decision, which may include researching different models, comparing prices, test driving vehicles, arranging financing, and negotiating with sellers. Factors such as budget constraints, personal preferences, and the availability of desired vehicles can all influence the length of time it takes for someone to move through the stages of the car purchasing process. Understanding this average duration can help businesses in the automotive industry tailor their marketing strategies and customer interactions to align with the typical consumer timeline.
88% of car buyers use the internet to shop.
The statistic stating that 88% of car buyers use the internet to shop indicates a significant shift in consumer behavior within the automotive industry. With the widespread availability of online resources such as dealership websites, online marketplaces, and social media platforms, prospective car buyers are increasingly turning to the internet to research, compare, and purchase vehicles. This trend reflects the growing importance of digital channels in the car buying process, with consumers seeking convenience, transparency, and a wealth of information online before making a decision. As a result, auto dealerships and manufacturers must adapt their marketing and sales strategies to effectively engage with customers in the digital realm and provide a seamless online shopping experience to remain competitive in the modern automotive market.
62% of new vehicle buyers and 47% of used vehicle buyers are open to either a new or a used vehicle.
This statistic suggests that a majority of new vehicle buyers (62%) and nearly half of used vehicle buyers (47%) are willing to consider purchasing either a new or a used vehicle. This indicates a potential overlap in preferences among consumers in the market for cars, as a sizable portion of buyers in both categories are open to exploring both new and used options. The data implies that dealerships and car manufacturers should take into account this flexibility among consumers when strategizing their marketing and sales efforts, focusing on providing a wide range of options and appealing to buyers regardless of their initial inclination towards new or used vehicles.
41% of buyers are still unsatisfied with the time they spend in the dealership.
This statistic suggests that a significant portion, specifically 41%, of buyers continue to feel dissatisfied with the amount of time they spend in dealerships during their car purchasing process. This likely indicates that there remains a notable opportunity for improvement in streamlining and expediting the dealership experience to better meet customer expectations and enhance overall satisfaction levels. Addressing factors such as reducing waiting times, simplifying paperwork processes, and improving overall efficiency within dealerships could potentially lead to a more positive customer experience and increased loyalty among buyers.
Buyers spend 3.6 hours average time purchasing a vehicle at the dealership.
The statistic indicates that on average, buyers dedicate 3.6 hours to the process of purchasing a vehicle at a dealership. This can be interpreted as the total amount of time a buyer spends from the moment they arrive at the dealership to when they complete the transaction and drive off with their new vehicle. The time spent may involve various activities such as browsing vehicles, negotiations with sales representatives, test driving, completing paperwork, and finalizing the purchase details. Understanding the average time spent by buyers at the dealership can provide valuable insights for dealerships to enhance the efficiency of their sales process, improve customer satisfaction, and potentially increase sales by streamlining the purchasing experience.
Car buyers spend 59% of their time online researching.
This statistic indicates that a significant portion of car buyers’ time is dedicated to conducting online research before making a purchase decision. The 59% figure suggests that the majority of car buyers rely heavily on internet resources such as websites, forums, social media, reviews, and online tools to gather information about different car models, prices, features, and promotions. This trend highlights the growing importance of online platforms in the car buying process, as consumers are utilizing the internet to educate themselves and make informed choices. Understanding this behavior can be valuable for automotive businesses in terms of targeting their marketing efforts, providing relevant online content, and ensuring a strong online presence to engage and influence potential buyers.
71% of used-car buyers, and 54% of new-car buyers agree that buying a car takes too long.
The statistic indicates that a significant percentage of both used-car buyers and new-car buyers feel that the process of buying a car is too time-consuming. Specifically, 71% of individuals who purchased a used car and 54% of those who bought a new car expressed this sentiment. This data suggests that a majority of car buyers, regardless of whether they are purchasing a new or used vehicle, perceive the car-buying process as lengthy and potentially frustrating. This insight could be valuable for car dealerships and automakers, indicating a potential area for improvement in streamlining the car-buying experience to better meet the expectations and preferences of consumers.
56% of consumers would buy more cars if the process was easier.
The statistic “56% of consumers would buy more cars if the process was easier” indicates that a majority of consumers find the current car-buying process to be challenging or burdensome in some way. This suggests that simplifying and improving the car-buying experience could potentially lead to an increase in car purchases. Factors such as the length of the process, transparency of pricing, ease of comparison, and overall customer experience likely play a significant role in influencing consumer behavior. By addressing these pain points and making the process more straightforward and convenient, businesses in the automotive industry could tap into the unrealized demand of consumers who are currently deterred by the complexity of the car-buying experience.
72% of consumers prefer to complete the credit application process online.
The statistic “72% of consumers prefer to complete the credit application process online” indicates that a significant majority of consumers have a preference for using online channels when applying for credit. This suggests a growing trend towards digitalization in the financial industry as more consumers seek convenience, speed, and ease of use in their financial transactions. The high percentage also signifies a shift in consumer behavior towards online services, driven potentially by factors such as the increasing reliance on technology, improved online security measures, and the desire for a seamless customer experience. This information could be valuable for financial institutions looking to optimize their processes and offerings to align with consumer preferences and improve customer satisfaction.
80% of used-car buyers finance their vehicles.
The statistic “80% of used-car buyers finance their vehicles” indicates that a significant majority of individuals who purchase a used car utilize financing to facilitate the transaction. This suggests that the practice of financing cars, whether due to budget constraints or to take advantage of favorable interest rates, is prevalent among buyers in the used-car market. Understanding this statistic can be useful for car dealerships, financial institutions, and policymakers in tailoring their offerings and strategies to cater to the needs and preferences of the majority of used-car buyers who opt for financing options.
75% of car shoppers are considering purchasing a used car.
The statistic ‘75% of car shoppers are considering purchasing a used car’ indicates that a significant majority of individuals who are in the process of buying a car are open to purchasing a pre-owned vehicle instead of a new one. This statistic suggests a preference for used cars within the car shopping population, highlighting factors such as cost savings, value retention, and potentially greater selection of models and features. The high percentage of car shoppers considering a used car also underscores the importance of the pre-owned car market in catering to consumer needs and preferences within the automotive industry.
52% of potential buyers visit third-party sites first for car and truck buying.
The statistic ‘52% of potential buyers visit third-party sites first for car and truck buying’ indicates that a majority of individuals looking to purchase a vehicle start their buying process by browsing through websites that are not directly affiliated with car dealerships. This suggests that these third-party platforms play a crucial role in the decision-making process of consumers when it comes to buying cars and trucks. By turning to these external sources first, potential buyers are likely seeking a wider range of options, price comparisons, reviews, and other valuable information that can help them make informed choices before visiting physical dealerships. This statistic underscores the significance of online platforms in shaping consumer behavior and preferences in the automotive market.
77% of prospective car buyers say they will still walk into dealerships in the future.
The statistic states that 77% of prospective car buyers indicate their intention to continue visiting physical car dealerships in the future. This suggests that despite the increasing availability of online resources and virtual car buying options, a significant majority of consumers still value the traditional experience of physically visiting a dealership. This statistic underscores the ongoing importance of brick-and-mortar dealerships in the car-buying process and highlights the need for dealerships to continue providing a positive in-person customer experience to attract and retain buyers.
54% of consumers would buy from a dealership that offers their preferred experience, even if it doesn’t have the lowest price.
This statistic indicates that a majority (54%) of consumers prioritize the overall experience provided by a dealership over getting the lowest price when making a purchase decision. It suggests that offering a positive and personalized experience to customers can strongly influence their purchasing behavior, potentially leading them to choose a dealership that meets their preferences in terms of service, convenience, and overall satisfaction. In today’s highly competitive market, this statistic highlights the importance for dealerships to focus on delivering exceptional customer experiences in order to attract and retain customers, even if it means not always having the lowest prices.
89% of buyers use their smartphone to research vehicles.
The statistic “89% of buyers use their smartphone to research vehicles” indicates that a substantial majority of individuals looking to purchase a vehicle rely on their smartphones as a vital tool in the decision-making process. This suggests that mobile devices play a significant role in the way consumers gather information about potential vehicle options, compare prices, read reviews, and ultimately make purchase decisions. The high percentage also highlights the increasing importance of mobile technology in the automotive industry, driving businesses to adapt their marketing strategies and online presence to cater to the preferences and behaviors of smartphone users.
References
0. – https://www.www.autotrader.com
1. – https://www.www.insuranks.com
2. – https://www.www.thinkwithgoogle.com
3. – https://www.www.autoremarketing.com
4. – https://www.www.coxautoinc.com
5. – https://www.www.mytotalretail.com
