In 2023, 92% of car buyers went online for research and still took an average of just 14 days to go from looking to signing. Meanwhile, the deal behavior is anything but one size fits all, from 76% visiting 2 to 3 dealerships to 22% choosing to lease. Here is how these choices line up with pricing, loan terms, and what owners actually think after the purchase.
Key Takeaways
- 76% of buyers visited 2-3 dealerships before purchase.
- 92% of car buyers used the internet for research in 2023.
- Average time from research to purchase was 14 days.
- Millennials represented 38% of new car buyers in a 2023 survey of 12,000 consumers.
- 52% of Gen Z car buyers prioritized fuel efficiency over performance.
- Women accounted for 49% of new vehicle purchasers in 2023.
- Average new vehicle loan amount was $41,444 with 6.8% APR in Q4 2023.
- 85% of new car buyers financed their purchase in 2023.
- Average down payment on new cars was 10.2% or $5,000 in 2023.
- In 2023, U.S. new car sales totaled 15.6 million units, marking a 12.4% increase from 2022, driven by improved inventory levels.
- Electric vehicle sales accounted for 7.6% of total U.S. new vehicle sales in 2023, up from 5.9% in 2022.
- Average new vehicle transaction price in the U.S. was $48,759 in December 2023, down 1.3% from the previous year.
- 71% of new owners would recommend their dealer.
- Average repair cost in first year was $512 for new cars.
- 88% satisfaction with fuel economy post-purchase.
With online research driving 92% of purchases and faster decisions, U.S. sales climbed to 15.6 million in 2023.
Related reading
01 · Category
Buying Process30 stats
01
76% of buyers visited 2-3 dealerships before purchase.
02
92% of car buyers used the internet for research in 2023.
03
Average time from research to purchase was 14 days.
04
41% of buyers started shopping on manufacturer websites.
05
Test drives averaged 25 minutes per vehicle tested.
06
63% negotiated price via email or app before visiting.
07
Dealer websites were visited by 78% of shoppers.
08
29% used virtual tools like 360 views or configurators.
09
Average negotiation saved buyers $1,250off MSRP.
10
54% brought pre-approved financing to dealership.
11
Phone calls to dealers averaged 3.2 per buyer.
12
45% completed F&I paperwork digitally.
13
Reviews on Google influenced 68% of final decisions.
14
37% attended group buying events or co-ops.
15
Average walk-in rate at dealers was 22% of traffic.
16
81% compared at least 3 models before buying.
17
Video walkarounds viewed by 51% of remote shoppers.
18
64% prioritized in-person inspection over delivery.
19
Trade-in appraisals done online by 73% first.
20
28% backed out due to bait-and-switch pricing.
21
Average time in F&I office was 52 minutes.
22
49% used mobile apps for payment setup.
23
Peer recommendations swayed 59% of purchases.
24
35% scheduled service during purchase visit.
25
Home test drives offered to 42% of online leads.
26
77% read owner forums before deciding.
27
Paperwork signing took 22 minutes on average digitally.
28
61% verified VIN and Carfax pre-purchase.
29
Multi-dealer bidding used by 19% via platforms.
30
84-month financing presented to 33% of buyers.
Interpretation
Buying Process Interpretation
Within the buying process, buyers rely heavily on digital research and multi-dealership comparison, with 92% using the internet in 2023 and 76% visiting 2 to 3 dealerships, often completing the journey in just 14 days.
02 · Category
Consumer Demographics28 stats
01
Millennials represented 38% of new car buyers in a 2023 survey of 12,000 consumers.
02
52% of Gen Z car buyers prioritized fuel efficiency over performance.
03
Women accounted for 49% of new vehicle purchasers in 2023.
04
Households earning over $100K/year made up 42% of luxury car buyers.
05
61% of first-time buyers were under 35 years old in 2023 data.
06
Hispanic buyers increased to 22% of total U.S. new car market.
07
45% of buyers in rural areas preferred trucks over sedans.
08
Baby boomers (55+) comprised 28% of EV intenders in surveys.
09
Single buyers without children were 19% of compact car purchasers.
10
African American buyers favored 22-inch wheels in 37% of purchases.
11
67% of urban millennials shopped online first for cars.
12
Retirees over 65 bought 15% more convertibles than average.
13
Families with children under 12 preferred 7+ seaters in 55% cases.
14
Low-income buyers (<$50K) were 24% of used subcompact sales.
15
39% of Asian American buyers chose hybrids in 2023.
16
Male buyers aged 25-34 averaged 2.1 test drives per purchase.
17
Empty nesters (50-64) selected luxury brands at 31% rate.
18
51% of female buyers under 40 negotiated price successfully.
19
Veterans comprised 9% of new truck buyers, favoring domestics.
20
College-educated buyers were 72% of EV purchasers.
21
Southern U.S. buyers preferred V8 engines in 28% of trucks.
22
LGBTQ+ buyers showed 18% higher interest in EVs.
23
Self-employed individuals bought 14% more convertibles.
24
44% of buyers with kids prioritized safety ratings above 5-star.
25
Remote workers increased van purchases by 11% for cargo space.
26
56% of Hispanic millennials leased their vehicles.
27
Buyers over 70 averaged $52,000spend on new cars.
28
Tech professionals chose performance sedans at 23% rate.
Interpretation
Consumer Demographics Interpretation
Across consumer demographics, the 2023 data shows new car buying is being driven by younger cohorts and shifting priorities, with Millennials at 38% and first time buyers under 35 at 61% while Gen Z buyers favor fuel efficiency at 52%.
03 · Category
Financing And Pricing29 stats
01
Average new vehicle loan amount was $41,444with 6.8% APR in Q4 2023.
02
85% of new car buyers financed their purchase in 2023.
03
Average down payment on new cars was 10.2% or $5,000 in 2023.
04
Lease penetration reached 22% of new vehicle transactions.
05
Subprime auto loan originations grew 4% to $162 billion.
06
Average used car loan term extended to 69.1 months in 2023.
07
Cash buyers dropped to 9% of new vehicle sales.
08
Prime borrowers saw average APR of 6.75% on 72-month loans.
09
14% of leases included maintenance packages in 2023.
10
Average monthly payment hit $742for new cars financed over 68 months.
11
Trade-in values averaged $25,100for vehicles under 3 years old.
12
31% of buyers rolled negative equity into new loans.
13
EV financing rates were 1% higher than gas vehicles on average.
14
Credit union auto loans captured 28% market share.
15
Average dealer fee for documentation was $450in 2023.
16
72-month loans made up 45% of new vehicle financing.
17
Luxury car average price negotiated discount was 8.2%.
18
GAP insurance uptake was 40% among financed buyers.
19
Average sales tax on new cars was 7.1% of transaction price.
20
Buy-here-pay-here lots sold 1.2 million vehicles to subprime.
21
19% of buyers extended loan terms beyond 84 months.
22
Average incentive rebate was $1,800per new vehicle.
23
Women paid $200more on average for identical new cars.
24
Refinancing rates for auto loans dropped 15% in 2023.
25
Average out-the-door price for midsize sedans was $32,450.
26
55% of leases had mileage limits of 10,000-12,000 annually.
27
Commercial fleet purchases averaged 12% discount off MSRP.
28
67% of online shoppers compared financing options pre-visit.
29
Average new car price depreciation after 1 year was 21%.
Interpretation
Financing And Pricing Interpretation
Financing remained the dominant path in 2023 with 85% of new car buyers financing, while higher-cost borrowing was reflected in a $41,444 average loan at a 6.8% APR and a longer used car loan term of 69.1 months.
More related reading
04 · Category
Market Trends30 stats
01
In 2023, U.S. new car sales totaled 15.6 million units, marking a 12.4% increase from 2022, driven by improved inventory levels.
02
Electric vehicle sales accounted for 7.6% of total U.S. new vehicle sales in 2023, up from 5.9% in 2022.
03
Average new vehicle transaction price in the U.S. was $48,759in December 2023, down 1.3% from the previous year.
04
SUV and crossover sales made up 68% of total U.S. new vehicle sales in 2023.
05
Used car sales in the U.S. reached 36.4 million units in 2023, a 3% decline from 2022 peak.
06
Pickup truck sales grew by 8.2% in 2023, representing 20.1% of the U.S. market.
07
Luxury vehicle market share increased to 14.5% of new sales in Q4 2023.
08
Hybrid vehicle sales surged 42% in 2023, totaling 1.3 million units sold.
09
Tesla Model Y was the best-selling vehicle in the U.S. in 2023 with 385,900 units.
10
Inventory levels for new vehicles averaged 2.7 million units at year-end 2023.
11
28% of new vehicle buyers in 2023 opted for all-wheel drive models.
12
Compact SUV segment sales rose 15% year-over-year in 2023.
13
Diesel vehicle sales dropped to under 1% of total U.S. new car market in 2023.
14
Full-size SUV sales hit 2.1 million units, up 10% from 2022.
15
Incentives spending by automakers averaged $2,300per vehicle in 2023.
16
Toyota led U.S. sales with 2.25 million vehicles sold in 2023.
17
Ford F-Series trucks sold 750,789 units, maintaining top sales spot.
18
Import vehicle share of U.S. market was 49.2% in 2023.
19
Midsize sedan sales fell 22% in 2023 to 450,000 units.
20
Average days to turn inventory dropped to 58 days in Q4 2023.
21
Plug-in hybrid sales doubled to 200,000 units in 2023.
22
Chevrolet Silverado sales reached 543,300 units in 2023.
23
Minivan sales declined 5% to 220,000 units amid SUV preference.
24
Average mileage of used cars sold was 47,200 miles in 2023.
25
Honda CR-V topped compact SUV sales with 361,200 units.
26
U.S. auto production reached 10.6 million vehicles in 2023.
27
Ram Pickup sales totaled 444,926 units, down 5% from 2022.
28
Sports car segment sales grew 12% to 120,000 units.
29
Average new car dealer's profit per vehicle was $1,959in 2023.
30
Nissan Rogue sold 271,458 units, leading compact SUVs.
Interpretation
Market Trends Interpretation
Market Trends show that U.S. new car sales climbed to 15.6 million units in 2023, a 12.4% jump, while EV share rose to 7.6% and SUVs still dominated at 68%, signaling a clear shift in what Americans are buying.
05 · Category
Post Purchase Satisfaction30 stats
01
71% of new owners would recommend their dealer.
02
Average repair cost in first year was $512for new cars.
03
88% satisfaction with fuel economy post-purchase.
04
Warranty claims filed by 14% within 12 months.
05
65% rated dealer service above expectations.
06
Regret rate for purchase was 8% after 6 months.
07
92% would repurchase same brand.
08
Tech interface satisfaction averaged 7.9/10.
09
76% happy with negotiated price after 3 months.
10
Maintenance visits averaged 1.8 per year first 2 years.
11
83% satisfied with ride comfort rating.
12
Noise levels met expectations for 89% owners.
13
67% used connected apps weekly post-purchase.
14
Resale value satisfaction 82% after 1 year.
15
94% no major issues in first 12,000 miles.
16
Safety feature usability rated 8.5/10 by 79%.
17
55% recommended to family within 3 months.
18
Cargo space satisfaction dropped for 12% of SUVs.
19
87% positive on acceleration performance.
20
Dealer follow-up calls rated helpful by 73%.
21
69% satisfied with winter traction.
22
Infotainment glitches reported by 11%.
23
91% met MPG estimates within 5%.
24
Financing terms satisfaction 85% long-term.
25
78% happy with color choice after 6 months.
26
Remote start usage daily by 62% owners.
27
84% no rust issues in first year.
28
Voice command accuracy 82% satisfactory.
29
75% used loan calculator accurately pre-buy.
30
Trade-in process rated smooth by 80%.
Interpretation
Post Purchase Satisfaction Interpretation
Post purchase satisfaction is broadly strong, with 71% of new owners recommending their dealer and 88% satisfied with fuel economy, but it is tempered by costs and claims since average first year repairs run $512 and 14% file warranty claims within 12 months.
report visual · Breakdown
How buyers shop for cars
Most shoppers rely on online research and compare multiple models before visiting a dealership.
76%
76% of buyers visited 2-3 dealerships before purchase.
24%
Low-income buyers (<$50K) were 24% of used subcompact sales.
Reference
Cite This Report
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APA
Alexander Schmidt. (2026, February 13). Car Buying Statistics. Gitnux. https://gitnux.org/car-buying-statistics
MLA
Alexander Schmidt. "Car Buying Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/car-buying-statistics.
Chicago
Alexander Schmidt. 2026. "Car Buying Statistics." Gitnux. https://gitnux.org/car-buying-statistics.
Sources & references
84 datasets cited across this report · attribution is report-level