Car Buying Outlook
About the Car Buying Outlook
The 2024 Capital One Car Buying Outlook surveys car buyers and dealers on the perceptions and tools that shape the car buying experience.
FROM SANJIV YAJNIK
A car buying experience that’s changing for the better
“There are many paths that lead to a test drive and deal—and the emotional and financial milestone of car ownership,” says Sanjiv Yajnik, President of Financial Services at Capital One. “Dealers are investing in tools to bridge the digital and in-person experiences, and car buyers are using these online resources to arrive at the showroom more informed about their options. The dealer needs to meet buyers where they are, and a renewed emphasis on transparency and trust is the key.”
TRUST AND TRANSPARENCY
Trust at the speed of transparency
Trust brings buyers back to a dealership, and transparency is where trust begins. But dealers find the process more transparent than buyers.
ONLINE TOOLS SET THE STAGE
Digital pre-qualification tools drive trust and transparency
Customers that leverage tools to explore financing options in advance of going into the dealership find the car buying process to be more transparent and dealers to be more trustworthy.
THE IN-PERSON EXPERIENCE
The dealer is as crucial as ever
Even with more online options, customers are completing more steps of the car buying process in person at dealerships, not fewer. Most customers still want to decide on final details face-to-face, and Generation Z is showing that even the youngest car buyers are increasingly valuing the in-person dealership experience.
Previous Car Buying Outlook Reports
2023 Car Buying Outlook
Car buyers agree that dealer adoption of digital tools makes the car buying experience more transparent
The 2022 Car Buying Outlook
Car buyers embrace more digitized experience before heading to the dealership
The 2021 Car Buying Outlook
New Research from Capital One Finds Consumers Value In-Person Dealership Experience Combined with Digital Tools
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For more information, contact:
Stephanie Friswell - Director
Ashley Richardson - Manager
About the Survey
The Capital One Car Buying Outlook consists of findings from two surveys targeted to car buyers and dealers, both of which were conducted on behalf of Capital One Auto Finance through Morning Consult.
The consumer survey of nearly 2,000 U.S. adults ages 18+ who indicated they purchased a car from an auto dealership in the preceding six months was fielded May 1-7, 2024 with a margin of error of +/- 2%. Generational data was pulled for Boomers and older (ages 59+) Generation X (43-58), Millennials (27-42) and Generation Z (18-26).
The dealer survey consists of over 600 U.S. car dealers. These respondents currently work for an automobile dealership as an owner, general manager, F&I director, sales manager, internet manager or in the business development center at dealerships with an approximate annual sales volume of at least $1M. The survey was fielded May 1-20, 2024, with a margin of error of +/- 4%.
Findings are compared to the2023 Car Buying Outlook (fielded to 2,210 U.S. car buyers and 400 U.S. car dealers between October 10-15, 2022 with a margin of error of +/- 2%), the July 2022 Car Buying Outlook (fielded to 2,209 car buyers and 400 car dealers between June 7-13, 2022), the March 2022 Car Buying Outlook (fielded to 2,200 car buyers and 530 car dealers between October 20-29, 2021), and the 2021 Car Buying Outlook (fielded to 1,000 car buyers and 401 car dealers between October 1-20, 2020).