New Car Buyers Value Value & High TQI

ValueCentered Psychology defines Value as “what the customer receives for every dollar spent.” Vehicle shortages and dealership mark-ups have increased the median new vehicle purchase price by 13% to $43,000, increasing the proportion of wealthier Americans who purchase a new vehicle in turn pushing Median Household Income up by 24% over the past two years (from $98.2K to $121.7K). These changes have had a significant impact on the perception of new vehicle quality, as customers often feel they are “getting so much less” than what they once did. However, Hyundai Motor Corporation brands, as well as others, were able to provide vehicles with the fewest problems, generate love all magnified by perceptions of Value. HMC had the most vehicles lead their segments in Strategic Vision’s 2023 Total Quality Awards, with six models, including the Hyundai Elantra, Elantra Hybrid, Santa Cruz, Palisade, Genesis G90, and Kia EV6, according to Strategic Vision’s 2023 Total Quality Impactä (TQI) measure.

“Most vehicles sold today do not have the problems of things breaking the way they did decades ago. So instead, customers equate quality to all of the ‘things-gone-right’ in their vehicles which include other experiences such as dealership treatment and the overall Value the customer believes they are receiving,” explains Alexander Edwards, President of Strategic Vision. “HMC vehicles not only delivered fewer problems, and strong quality in areas of seat comfort, power and pickup and safety-related driver-assist features, but when combined with their warranty, price point and delivered features, inspired consumers to report the feeling that their vehicles are ‘second-to-none.'”

General Motors Corporation had the second most wins with the Chevrolet Corvette Convertible, Blazer, GMC Sierra 2500/3500 and Yukon. “The Domestics, especially GM, have made significant improvements in their vehicle experiences by increasing perceived quality. The Chevrolet Blazer, for example, not only has the fewest incidence of problems, but also provides strong exterior styling and driving performance resulting in the most fun-to-drive vehicle that they can trust in its segment,” notes Christopher Chaney, Senior Vice President of Strategic Vision. “Of course, other GM vehicles performed similarly, especially the Yukon which also led by delivering Excitement, Fun, Individuality and Trust. This is the right combination, giving GM owners of these vehicles the highest sense of quality.”

Both American Honda Motor Corporation and BMW North America each had three models lead their segments. The Honda Accord Sedan, Accord Hybrid and Honda Odyssey along with the MINI Cooper Convertible, Cooper Clubman and BMW X6 led their respective segments.

Below is the full list of the 2023 Total Quality Award winners and TQI scores:

Strategic Vision is an international consulting and advisory service organization that focuses on understanding and predicting advocacy, conquest and loyalty according to consumers’ personal values and decision-making structures. Strategic Vision’s 29^th annual Total Quality Impact (TQI) report is based on results from the New Vehicle Experience Study^® (NVES) surveying over 88,035 new vehicle buyers after the first 90 days of ownership. It incorporates the impact of problems with the vehicle as well as the drivers’ analytical and emotional evaluations of quality.