Satisfaction high despite used car prices

More than eight in 10 (84%) of UK car buyers are satisfied they got a great or good deal on their most recent used car purchase.

That’s despite data from CarGurus revealing that used car prices have soared 29.5% over the last year.

The findings come from the CarGurus UK Buyer Insight Report, which details how consumers’ attitudes have changed towards the car buying process over the last two years.

One of the most notable insights from the study was that 32% of respondents felt they got a great deal on their purchase, up from 26% in 2020. More than half (52%) deemed their buy was a good deal, a fraction down when compared to two years ago (55%).

Topping the reasons of how buyers judged a great deal were how easy the buying process was (44%) and the level of trust they had in the seller (36%). Price paid compared to the buyer’s budget (28%) and price paid compared to the initial sticker price given (25%) were not as important.

Ali Chapman, senior consumer insights analyst at CarGurus, said: “It’s perhaps surprising that most consumers have been happy with the deal they got on their last car purchase when used car prices have risen so significantly. Our research suggests that buyers prioritise the ease with which they can buy the car and the trust the dealer instils in them, rather than price.

“With CarGurus data showing that used car prices are plateauing, but not yet coming down, it places even greater emphasis on dealers making the process of buying a car as seamless as possible.”