The majority of British drivers are willing to pay up to £15,000 for their next used car, according to new research by CarGurus.
More than half (58 percent) of the 1,000 motorists questioned said that £15,000 was their optimum price for a cash purchase.
A similar proportion (52 percent) said that £299 would be their ideal monthly payment if they opted to use finance instead.
Around three quarters (76 percent) would prefer to buy a used car with finance, while only 21 percent were interested in buying one outright.
Automotive marketplace CarGurus, which conducted the survey, also found that hatchbacks were the most desirable body style for used cars.
Forty percent of respondents said they would rather have a hatchback, narrowly edging out the 37 percent who favoured a family SUV. Given the dominance of SUVs in new car sales, it shows that drivers are still open to alternatives.
From the UK’s list of best-selling marques, Ford was the most popular brand among those surveyed – rated top by 13 percent.
BMW and Volkswagen completed the top three, although close to quarter (23 percent) said they would compromise on a vehicle brand if it meant getting a car closer to their ideal price and specification.
Drivers were also willing to compromise on a used car’s fuel type, with price and condition again considered more important. Some 28 percent would be flexible, with petrol slightly preferred overall.
Almost three quarters (73 percent) said a vehicle less than five years old would be high on their list of priorities. And 70 percent wanted it to have less than 50,000 miles on the clock.
Interior features were an area where drivers were more flexible, though. A total of 57 percent said they would compromise on technology and extras if it meant buying a car within budget.
Voice command functionality, a sunroof and a heated steering wheel were the optional extras drivers said they could manage without. But parking sensors (36 percent), a reversing camera (33 percent), and sat-nav (28 percent) were regarded as important.
The number of used cars available with a manual gearbox is at its lowest point in 10 years, according to CarGurus data. It has declined by 57 percent since 2015.
Interestingly, a fifth of drivers (22 percent) said an automatic transmission would be non-negotiable for a used car.
Chris Knapman, editorial director at CarGurus UK, said: “Our research paints a clear picture of what matters most to UK drivers on their next used car purchase: age, mileage and essential technology. Interestingly, hatchbacks remain a very appealing body style for shoppers, despite the well-documented popularity of SUVs.
“While many are happy to compromise on extras like a sunroof or voice activation, buyers remain firm on the fundamentals. A budget of around £15,000 and desire for well-known brands demonstrates that value and reliability remain top priorities for used car buyers.”
From the criteria provided by those surveyed, CarGurus has created a list of vehicles that should fit the specification of many people searching for a used car. The 10 cars suggested are:
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