Majority of buyers securing good deals despite high used prices

Over three-quarters (80%) of car buyers say they secured either a good or great deal on their used car despite the average listing price 37% above pre-pandemic levels at £19,254.

The survey by online automotive marketplace CarGurus which surveyed over 1,500 recent car buyers found that a quarter (24%) of buyers reported getting a great deal while 56% felt they got a good deal on their used car purchase.

The annual CarGurus UK Consumer Insights Survey, which examines British car buying and selling habits, also found that fewer than 1% of buyers felt they got a less than fair deal.

Key reasons for buyers feeling they got a great deal include the ease of process (38%), additional benefits (26%), and price compared to initial budget (26%).

CarGurus research also found that UK motorists increasingly want more digitalisation of the buying process with 58% (up from 49% a year prior) reporting they are open to completing a car purchase entirely online. Similarly, 71% of buyers (up from 61% in 2022) cited a preference to handle more of the car buying process from home

The top preferred online activities include negotiating the price (43%); completing the transaction, payment, and paperwork (41%); arranging financing (37%); and initiating and completing a part exchange (30%). Three-in-four buyers/sellers also reported being open to selling their vehicle entirely online, with 36% ultimately selling to an online site compared with 39% working with a dealer.

Amanda Symonds, managing director for CarGurus UK, said: “The research is emphatic: UK buyers feel they are still getting a good deal even though prices and selection of inventory continue to remain challenging. It’s clear that shopper desire for greater convenience and control is driving this outlook, with respondents citing the ease of the buying process as the top reason for satisfaction. This points to a lasting shift in consumer expectations as 71% of buyers reported a desire to handle more of the car buying process from home for their next purchase, up from 61% last year, and more than half being open to buying exclusively online.”

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