Strategies for Shifting Trends in Car Buying 

Feb 7, 2024
Cox Automotive Marketing Partnership (CAMP) Marketing Team  

As we enter the new year, let’s reflect on the changes that shaped the automotive industry in 2023.  Discover how the surge in new car buyer satisfaction paves the way for upcoming trends and opportunities and explore what your brand can focus on this year to help car buyers navigate their journey. 

The 2023 Cox Automotive Car Buyer Journey results were derived from surveys of 1,966 consumers who bought or leased a new vehicle from August 2022 – September 2023. 

While new buyers express satisfaction with expanded vehicle choices, the challenge of sticker shock remains.  As a result, fewer new buyers start off with a specific vehicle in mind,  

1

As shoppers become more curious, those who haven’t made up their minds will depend on interesting and helpful content to guide their research.  In fact, 90% of new shoppers looking to buy a car plan to use content to learn about new vehicles.2    

Tip: Invest in retention and conquest marketing campaigns that highlight vehicle features and technology so that your models stand out from the rest. 

Third party sites proved to be the most resilient and influential online source, with their influence continuing to grow.  (Dealer and OEM sites closely follow.)  New buyers attest to their trustworthiness, reliability, and unbiased objectivity, solidifying their position as the go-to source in the automotive decision-making journey.  

Highest Attributes By Site1 

With 61% of new buyers influenced by content2, make sure your brand is where shoppers seek information.  As the preferred destination for make and model insights2, our content is recognized as the most trustworthy3.

The new vehicle market depends on wealthier households, as seen in the increasing average annual income of buyers. In 2023, multicultural buyers became a larger part of new car sales, and millennials took over the luxury vehicle segment.  Its important to tailor content for these audiences, as they believe content influences their vehicle choices.   

Top Content Marketing sources that influence vehicle choice
Among Multi-Cultural New Shoppers/Buyers
2
(% high influence)

  1. Consumer ratings and reviews
  2. Online video reviews from an expert
  3. Online test drive videos from an expert

Tip: Customize your content strategy for a diverse audience, acknowledging the strong impact of videos – especially online video reviews and test drive videos from experts.  

We hope these tips will help you continue to reach and influence car shoppers in 2024 and beyond. To learn more about the results of the 2023 Car Buyer Journey and other Cox Automotive studies, contact your Cox Automotive representative. 

DOWNLOAD KEY INSIGHTS FROM THE FULL STUDY

Source:
1. 2023 Cox Automotive Car Buyer Journey Study, Released January 2024
2. 2023 Cox Automotive GfK Content Influence Study
3. 2023 Pollfish Awards and Accolades Survey, May 2023

"*" indicates required fields

* Required
This field is for validation purposes and should be left unchanged.

More Info

Want to learn more about the advantages of CAMP 360 marketing partnership? Contact us to learn how you can start putting our data to work for you.

Share via
Copy link