Digital buying process gains acceptance among used car buyers
【Summary】The majority of used car buyers believe they got a good deal, despite elevated pricing. A survey by CarGurus found that 80% of buyers felt they got a good or great deal on their purchase. Reasons for satisfaction include the ease of the digital buying process and additional benefits. The research also revealed that more buyers are open to completing their car purchase entirely online, with a preference for handling more of the buying process from home.
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.
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