2019 CAR BUYER JOURNEY
2019 CAR BUYER
JOURNEY
APRIL 2019
CAR BUYER JOURNEY RESEARCH
BACKGROUND Cox Automotive has been researching the car buying journey for nearly 10 years to monitor key changes in consumer buying behaviors.
GOAL Inform strategic decisions for Cox Automotive and our OEM and dealer clients
Source: 2018 Cox Automotive Car Buyer Journey
CBJ2019
2
2019 CAR BUYER JOURNEY
3,086
Recent Vehicle Buyers
Purchased their vehicle within the last 12 months and used the Internet during the shopping/buying process Results are weighted to be representative of the buyer population (Note: 1,047 used-vehicle buyers and 2,039 new-vehicle buyers)
Source: 2018 Cox Automotive Car Buyer Journey
CBJ2019
3
TOP TRENDS OF 2019 CAR BUYER JOURNEY
1. Used-vehicle consideration is increasing as new vehicles become less affordable.
2. Vehicle buyers are moving through the shopping process faster than before as online engagement grows.
3. Used-vehicle buyers have experienced significantly more change in their purchase journey, compared to new-vehicle buyers.
4. Third-party sites are the top online source for driving brand awareness and influencing final new-vehicle purchase decision.
5. Digital retailing is poised to revolutionize a process that a majority of buyers feel has not improved.
Source: 2018 Cox Automotive Car Buyer Journey
CBJ2019
4
AFFORDABILITY IMPACTS THE MARKET
CBJ2019
CONSUMERS ARE CONCERNED ABOUT AFFORDABILITY
VEHICLE PURCHASE PRICE
20 12 20 13 20 14 20 15 20 16 20 17 20 18
0.5
47%
0.45
0.4
0.35
34%
0.3
0.25
0.2
0.15
0.1 7%
0.05
2%
24%
22%
19%
23%
16%
6%
0 < $2 0,000
$2 0,0 0029 ,99 9
$3 0,0 0039 ,99 9
$4 0,0 0049 ,99 9
$5 0,0 00+
< $30K: 2012 = 54% 2018 = 36%
Source: Kelley Blue Book
CBJ2019
6
NEW-VEHICLE PAYMENTS HAVE INCREASED TWICE THAT OF USED-VEHICLE PAYMENTS
AVERAGE MONTHLY PAYMENTS
$540.29
$447.23 $393.31
$534.10 $449.73 $393.39
$527.90 $464.84 $401.89
$547.75 $487.04 $411.04
2017 vs. 2018
+4% +5%
+2%
201 5
201 6 New Lease
201 7 New Loan
Source: Dealertrack
Used
201 8
CBJ2019
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BUYERS LEANING TOWARD A USED VEHICLE DURING THE SHOPPING PROCESS GROWS TO NEARLY 2 IN 3
VEHICLE CONSIDERATION WHILE SHOPPING (excludes "Not Sure")
Used Only Primarily Used, Some New Primary New, Some Used New Only
23%
36% 20% 21%
2017
Used
59%
New
41%
28%
Used
64%
36%
17%
New
18%
35%
2019
Source: 2019 Cox Automotive Car Buyer Journey
CBJ2019
8
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