Comfortable with digital car buying
【Summary】A survey by CarGurus reveals that the majority of used car buyers believe they got a good deal despite elevated pricing. 24% of buyers reported getting a great deal and 56% felt they got a good deal. The survey also found that buyers are increasingly comfortable with digital buying processes, with 58% open to completing a car purchase entirely online and 71% preferring to handle more of the car buying process from home. Convenience and control were cited as the top reasons for satisfaction.
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 continued "elevated" pricing in the market. The average used car listing price of £19,254 was found to be 37% higher than pre-pandemic levels.
Among the buyers surveyed, 24% reported getting a great deal, while 56% felt they got a good deal on their used car purchase. The survey also revealed that less than 1% of buyers felt they got a less than fair deal.
When asked about the reasons for feeling they got a great deal, buyers cited the ease of the process (38%), additional benefits (26%), and price compared to their initial budget (26%) as key factors.
CarGurus' research also showed that UK motorists are increasingly interested in digitalizing the car buying process. The survey found that 58% of buyers are open to completing a car purchase entirely online, up from 49% the previous year. Additionally, 71% of buyers expressed a preference for handling more of the car buying process from home, compared to 61% in 2022.
The top online activities preferred by buyers 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, commented on the findings, saying, "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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