Majority of buyers think they got a good deal on their used car, despite rise in prices

Despite record used car prices, the overwhelming majority of buyers still believe they got a good deal, according to a new study.

Used car values have boomed in the past couple of years, initially helped by pent-up demand caused by many looking to avoid public transport as a result of the coronavirus pandemic. More recently, a shortage of new cars has helped drive up the prices of used ones, with online marketplace CarGurus – which commissioned the study – finding used car prices have soared by 29.5 per cent in the past year.

Despite this, 84 per cent of the 1,500 recent car buyers surveyed said they were happy with their purchase, with 32 per cent believing 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’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.”

CarGurus also offered five tips to buyers trying to negotiate a good deal, including doing plenty of research, being polite and also having realistic expectations. Negotiating the price of a part-exchange is important too, while buyers shouldn’t be afraid to walk away if they can’t come to the deal that they want.