Comfortable with digital car buying

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【Summary】Used car buyers in the UK are increasingly comfortable with the digital buying process, according to a survey by CarGurus. Despite elevated pricing, 80% of buyers believe they got a good or great deal on their used car purchase, with 24% reporting a great deal. Reasons for satisfaction include the ease of the process, additional benefits, and price compared to their initial budget.

FutureCar Staff Sep 18, 2023 4:22 PM PT

The majority of car buyers surveyed by CarGurus believe they got a good deal on their used car purchase. According to the survey of 1,500 car buyers, 80% of Brits stated 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 is currently 37% above pre-pandemic levels.

Out of the respondents, 24% 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 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%).

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

The top online activities that buyers prefer 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 the research findings. She stated, "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. 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."