Brits Are Turning Their Backs On New Cars
The cost-of-living crisis is causing a large amount of Brits to shun new cars or to opt for used ones, according to a new survey…
Brits Avoiding New Cars
A new study, conducted by WhatCar?, has exposed the impact the cost-of-living crisis is having on the purchasing of new cars in the UK. Some 1,232 drivers were asked about their purchasing intentions and 35.05% of the respondents said they’d be spending less than usual. Of this figure, 22.99% said they’d be cutting their budgets by 20% or more.
In addition, 36.61% of the respondents said they’d be delaying the purchase of their next vehicle due to the cost-of-living crisis. Of these, 48.45% have pushed back their purchase by three months and 24.11% are delaying it until next year.
The crisis is also having an impact on the type of new cars consumers are considering. The survey revealed that 39.68% of buyers will be changing the make or model they go for. Of these, 71.74% are considering a different manufacturer altogether.
Going for Used Models Instead
Notably, just 38.46% of the surveyed drivers are still considering new cars. Indeed, 34.01% are actively looking for a used model. In addition, 27.53% said they were unsure about whether to go for a new or a used model.
In terms of people considering a used car, 20.62% said they were originally looking at new cars but changed their mind due to rising costs.
Used car sales have been booming in the UK, largely due to ongoing supply-chain issues within the automotive industry. Unfortunately, this has seen the price of used vehicles soar; and some commentators have suggested they may never return to pre-pandemic levels.
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