Digital buying process gains acceptance among used car buyers

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

Among the respondents, 24% considered their deal to be great, while 56% believed it was good. Interestingly, less than 1% of buyers felt that they got a less than fair deal. When asked about the reasons behind their satisfaction, buyers mentioned the ease of the process (38%), additional benefits (26%), and the price compared to their initial budget (26%).

The CarGurus UK Consumer Insights Survey also revealed that there is an increasing demand for digitalization in the car buying process. 58% of UK motorists are now open to completing a car purchase entirely online, compared to 49% in the previous year. Additionally, 71% of buyers expressed a preference for handling more of the car buying process from the comfort of their homes.

Some of 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%). Amanda Symonds, the managing director for CarGurus UK, emphasized the significance of these findings, stating that they indicate a lasting shift in consumer expectations. She noted that buyers' desire for convenience and control is driving this outlook, with a significant percentage expressing a desire to handle more of the car buying process from home and being open to buying exclusively online.