The study found that monthly payments and interest rates were considered the most helpful information – 86% of buyers estimated their monthly payments and 76% compared interest rates. According to the latest Cox Automotive/Moody’s Analytics Vehicle Affordability Index, the median weeks of income needed to purchase the average new vehicle in March was 42.9 weeks, and the estimated typical monthly payment increased to $691, a record high. “I trust this lender” was the top reason mostly digital purchasers stated for selecting a lender.
Buyers who were mostly digital, meaning they completed more than 51% of their car-buying journey steps completely online, have stronger loyalty to their lenders, resulting in more direct financing and higher loan satisfaction. The study showed that 70% of car buyers considered two or more lenders before choosing one and many had an established relationship with the lender they considered first. Of the 12 hours and 19 minutes spent car shopping, 4 hours and 23 minutes are spent on researching financing options, securing financing, and signing the contract. Over a third of the time spent in the car-shopping process is dedicated to financing activities. Nearly all (87%) car buyers explored their financing options before visiting a dealership.
Car buyers spend significant time on vehicle financing. Here are five takeaways from the inaugural study: In addition, the research uncovered what financing steps consumers take online versus in person and their comfort level and concerns with financing online. This extensive study measured buyers’ satisfaction with the vehicle financing steps taken, including the lender selection process and resources used to obtain vehicle financing. Five Takeaways from the Car Buyer Financing Journey Study To qualify, the respondents had to be at least 18 years old and had to use the internet during their shopping process. The Cox Automotive Car Buyer Financing Journey Study is based on an online survey of 3,050 consumers who financed the purchase or lease of a new (2,116) or used (934) vehicle in the past 12 months. The new Cox Automotive Car Buyer Financing Journey Study explores the steps of the financing journey and measures consumers’ satisfaction with the overall vehicle financing process. Financing is an integral part of the car buying process, with 85% of new vehicles and 39% of used vehicles financed in 2021, according to Experian data. The Cox Automotive Car Buyer Financing Journey Study revealed that buyers who completed key financing steps online saved time and were more satisfied with their time at the dealership than buyers who completed the same steps in person.Ĭox Automotive has been researching the car-buying process for 12 years and, with the release of this new study, is diving into the financing aspect of the car buying process for the first time. “After 1.2 million miles of autonomous driving (that’s the human equivalent of 90 years of driving experience), we’re proud to say we’ve never been ticketed!” the car project posted.ATLANTA, Ap– Though only 29% of buyers applied for financing online for their most recent vehicle purchase, 96% of those surveyed are willing to do so, according to a new study published by Cox Automotive. “Driving too slowly? Bet humans don’t get pulled over for that too often,” the post said.Īnd the cars’ unblemished record continues. No harm, no foul.Īnd no ticket was issued – not because there was no driver to whom to issue it but because the car had committed no violation.įor its part, the Google Self-Driving Car Project seemed proud of the whole affair. In the end, the officer determined the car had broken no law. “We want them to feel friendly and approachable, rather than zooming scarily through neighborhood streets.” “We’ve capped the speed of our prototype vehicles at 25 mph for safety reasons,” the post said. In a Google Plus post, the Google Self-Driving Car Project pled guilty to slow driving. He also took the opportunity to inform the passenger about 22400(a) of the California Vehicle Code, which related to impeding traffic – a section of the law the self-driving car may have been unfamiliar with. So the officer asked the passenger how the car was choosing speeds along certain roadways. Which is to say that no one was driving the darn thing. “As the officer approached the slow moving car he realized it was a Google Autonomous Vehicle,” a police department post said. 
On the contrary, it was driving too slowly – 24 miles per hour in a 35 mph zone, according to the Mountain View Police Department – with traffic apparently backing up behind it. That, at least, was the result when a police officer pulled over one of Google’s self-driving cars Thursday in Mountain View, California.
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