1:29 pm, June 13, 2022
The overwhelming majority of used car buyers still believe they got a good deal on their last purchase, despite prices reaching record levels, a new study has shown.
A survey, conducted by Car Dealer Podcast sponsor, CarGurus, found that 84 per cent of recent buyers said they were happy with their purchase.
Of the 1,500 motorists surveyed, 32 per cent believed they got a ‘great’ deal, while 52 per cent thought they’d got a ‘good’ price.
Only two per cent of respondents said the deal they had was ‘not fair’.
When asked what resulted in a great deal, 44 per cent said it was the ease of the buying process, while 36 per cent recorded the level of trust they had with the seller as important.
Price was – interestingly – deemed not as important. The amount paid compared with the buyer’s budget was voted important by 28 per cent, while a quarter based it on the price paid versus the initial asking sum.
The research found that buyers typically start the process five weeks before purchasing, with the first three weeks being spent researching and the last two contacting the dealers.
Consumers, on average, contacted three dealers and visited two showrooms before coming to a deal.
Ali Chapman, senior consumer insights analyst at CarGurus, said: ‘It is 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.’
