2023 Car Buying Trends: Younger, Wealthier EV Buyers Drive Satisfaction
In 2023, the typical electric vehicle (EV) buyer was a 41-year-old, a significant difference from the 52-year-old average for all new car buyers. This shift, along with other trends, has reshaped the car-buying landscape.
The average annual income of new-vehicle buyers was $115,000, compared to $96,000 for used-vehicle buyers. The time spent on purchasing a new car decreased to 11 hours and 45 minutes, an 80-minute drop from 2022. This efficiency may be attributed to the increasing popularity of online sales tools, with 43% of consumers using a combination of online and in-person steps to complete their purchases in 2023.
Consumer satisfaction with the car shopping and buying experience improved significantly, with U.S. consumers reporting a 69% satisfaction rate in 2023, up from 61% in 2022. Similarly, 73% of new car shoppers expressed satisfaction with their journey, a 3% increase from the previous year. Used car shopper satisfaction also rose, from 58% in 2022 to 68% in 2023. Factors contributing to this growth include improved affordability, larger inventories, and better digital sales tools.
EV buyers, with an average household income of $140,000, are driving this shift. They are younger and more tech-savvy, embracing the convenience and efficiency of online news. The used car market has also seen improvements, with buyers spending an average of 14 hours on purchases, an hour less than in 2022.
The car-buying experience in 2023 was marked by increased consumer satisfaction, driven by improved affordability, larger inventories, and better digital tools. Younger, wealthier EV buyers are reshaping the market, embracing online news and contributing to a more efficient purchasing process. Despite these changes, the in-person experience remains relevant, with a mix of online and offline steps becoming the norm.
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