Insane Prices for Cars Haven’t Stopped People From Loving Their Purchases
With car prices continuing to surge for both new and used vehicles, one surprising and reassuring report indicates that, despite a global pandemic and car shortage, Americans are highly satisfied with their car buying experience.
As we’ve covered before, used and new car prices have surged in the past two years, but thankfully, that hasn’t stopped Americans from buying vehicles. Mostly due to a computer chip shortage and other supply chain issues, cars in 2022 are more expensive than ever. So it might come as a surprise that buyer satisfaction for vehicle owners has never been higher.
It seems that, despite manufacturing delays, skyrocketing prices, and a global two-year pandemic,
reports, 66% of Americans who purchased a car in 2021 were highly satisfied with their purchasing experience. The reason? More and more customers are taking to the internet in their search.
Why aren’t skyrocketing car prices holding buyers back?
Thanks to virtual shopping experiences, it seems like Americans are finding a way to make the most out of the current “car crunch”. It might seem surprising to hear that so many people are happy with their purchasing experience, considering the average car price was nearly $50,000 last year. But thanks to the ability to
While consumer satisfaction has dropped from 72% in 2020 to 66% in 2021, it’s a good sign that despite a struggling market and high car prices, buyers are holding up.
18% of buyers wrapped up 50% of the buying process online, which makes sense. With social distancing measures and Omicron circling about, those who are looking for a new vehicle can avoid having to shop in person.
Car prices might be going up, but time spent shopping is going down
MORE:Online Car Buying Services Are In, but Some Customers Aren't Satisfied
The average car buyer spent 12.5 hours looking for their next vehicle—almost an hour less than in 2020. This trend is a sign that the car buying process may become more virtual in the future, with 75% of buyers also relying on third-party websites to find reliable reviews for their next vehicle.
Dealerships aren’t likely to become obsolete. However, considering that car purchasers who financed online last year saved approximately 1.5 hours by applying for loans online, the car industry should take heed of the current trend.
Some companies already have, with Carvana and Vroom leading the pack. With cleverly designed in-person dealerships and a streamlined virtual experience, buyers who were looking for used vehicles were likely to choose either company for their next purchase last year.
Car prices may be high, but your insurance rates don’t need to be
MORE:The Chip Shortage May Affect New Cars Until 2023
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