Car Buyers Believe They Got Good Deals on Used Cars Despite Price Increases

According to a survey conducted CarGurus, the majority of car buyers in the UK believe they got a good deal on their used car purchase. The survey, which included 1,500 respondents, found that 80% of buyers rated their deal as good or great, despite the continued elevated pricing in the market. The average listing price for used cars is currently 37% higher than pre-pandemic levels, reaching £19,254.

Among the buyers, 24% reported getting a great deal, while 56% felt they got a good deal on their used car purchase. Interestingly, less than 1% of buyers felt they received a less than fair deal.

The survey also highlighted the key reasons why buyers felt they got a great deal. The top factors included the ease of the buying process (38%), additional benefits (26%), and the price compared to their initial budget (26%).

CarGurus’ research also revealed a growing preference among UK motorists for a more digitized car buying process. 58% of buyers expressed openness towards completing a car purchase entirely online, a significant increase from 49% the previous year. Additionally, 71% of buyers preferred handling more of the car buying process from the comfort of their own home, up from 61% in 2022.

The online activities that buyers preferred included negotiating the price (43%), completing the transaction, payment, and paperwork (41%), arranging financing (37%), and initiating and completing a part exchange (30%).

Amanda Symonds, the Managing Director for CarGurus UK, emphasized that buyer satisfaction is driven the desire for convenience and control. She noted that this desire for more convenience and control reflects a lasting shift in consumer expectations. Symonds also highlighted that over half of the respondents are open to buying a car exclusively online.

In conclusion, despite the elevated pricing in the used car market, the majority of car buyers in the UK believe they received good deals on their purchases. This is attributed to factors such as the ease of the buying process, additional benefits, and meeting buyers’ budget expectations. The survey also highlighted the increasing preference for a more digitized car buying process, with buyers expressing openness towards completing the entire purchase online and handling more aspects of the process from home.

Sources:
– CarGurus survey with 1,500 car buyers