For the sixth year in a row, we analyzed the paths to purchase and sale of more than 3,000 car buyers to uncover the latest trends and offer insights into how you can adapt your marketing and retail strategies to connect with evolving shopper preferences.

Check out some highlights here and click below to view the full report:

Vehicle price, reliability, and expected costs have gained importance among buyers compared to last year, particularly amidst challenging market conditions.

While vehicle costs and reliability remain the dominant factors influencing decisions, more shoppers today are likely to cite reliability, finding a vehicle that fits their budget, and expected costs as the most important factors when selecting a vehicle.

Price remains the top priority in determining where to buy, with more car buyers saying it’s the most important factor, followed by inventory selection (34%), and availability of financing or special offers (26%). Notably, confidence in being treated fairly increased (23% vs.17% in 2022).

What this means for you: Shoppers are price-conscious but brand-open. Use the CarGurus Pricing Tool to make small price adjustments to improve deal ratings across all of your inventory and capture the attention of more buyers in your market who are narrowing down their options and comparing offers online before contacting dealers.

There’s a lasting shift in the desire to handle more from home.

Consumer willingness to buy and sell entirely online is increasing, as 82% of consumers are open to selling their vehicle entirely online (up from 77% in 2022) and 69% of shoppers want to conduct more of the buying process from home. Steps that mainly occur online include researching what vehicle to buy (81%), assessing the value of a car to be sold (77%), and getting offers to sell a car (69%).

What this means for you: Adapt to the changing landscape by offering seamless digital retail experiences while retaining focus on efficiency and convenience for those who prefer in-person experiences. Discover how CarGurus Digital Deal can help you bridge the gap between online and in-store experiences and unlock access to higher converting leads for faster, more efficient sales.