Kelley Blue Book: Why Americans are more annoyed with their car purchases

by | Dec 5, 2022 | Stock Market

In a year when prices soared and choices dwindled, Americans didn’t like car shopping. Sometimes, in the news business, we write something new. Other times, we have to write something everyone sees coming. This is one of those. J.D. Power’s Sales Satisfaction Index examines the experience of buying a new car from the customer’s perspective. In 2022, the study found, overall satisfaction fell for the first time in a decade.

People don’t like overpaying Price was a big part of why. New car prices skyrocketed as a global microchip shortage and other supply-chain problems left automakers unable to build as many cars as Americans wanted to buy. When dealers know they’ll find another buyer if the current prospect walks away, they don’t discount cars. In October 2021, incentives made up 4.3% of the average new car transaction price. One year later, they made up 2.1%. The average non-luxury buyer in October paid $690 over sticker price. Luxury buyers continue to pay more than MSRP as well, though prices are trending closer to or below sticker prices in some luxury segments. Also see: The luxury cars buyers look for mostRisk to long-term reputations “When dealers charge more than MSRP, particularly with long-term loyal customers, they risk a potentia …

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