Digital buying process gains acceptance among used car buyers

The majority of car buyers believe they got a good deal on their used car purchase, according to a survey conducted by CarGurus. Out of 1,500 car buyers surveyed, 80% of Brits said they got a good or great deal on their used car purchase, despite the elevated pricing in the market. The average used car listing price of £19,254 is currently 37% higher than pre-pandemic levels.

Among the respondents, 24% reported getting a great deal, while 56% felt they got a good deal on their used car purchase. The survey also found that less than 1% of buyers felt they got a less than fair deal.

Buyers who felt they got a great deal cited several key reasons for their satisfaction. The ease of the process was mentioned by 38% of respondents, while 26% mentioned additional benefits and 26% mentioned the price compared to their initial budget.

CarGurus research also revealed that UK motorists are increasingly interested in digitalizing the car buying process. 58% of respondents said they are open to completing a car purchase entirely online, compared to 49% the previous year. Similarly, 71% of buyers expressed a preference for handling more of the car buying process from home, up from 61% in 2022.

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

Amanda Symonds, managing director for CarGurus UK, emphasized that the research shows UK buyers still feel they are getting a good deal despite the challenging market conditions. She noted that convenience and control are driving this outlook, with respondents prioritizing the ease of the buying process. Symonds also highlighted the lasting shift in consumer expectations, with 71% of buyers expressing a desire to handle more of the car buying process from home for their next purchase, and over half being open to buying exclusively online.