11:40 am, August 31, 2022
Almost half of drivers planning to buy a car in the next year would be happy to pay extra to dodge waiting lists caused by supply chain problems.
That’s according to research from Close Brothers Motor Finance and follows a fifth consecutive month of decline in registrations in July.
The drop in sales was attributed by the SMMT to ongoing global supply chain issues – mainly the lack of semiconductors and exacerbated by Covid lockdowns in key manufacturing and logistics centres in China – as well as disruption caused by the war in Ukraine.
A lot of popular models have waiting lists of more than 12 months.
Nearly half – 47 per cent – of 2,010 car buyers polled said they were willing to fork out a premium to jump the queue.
More than a quarter (26 per cent) said they’d pay six to 10 per cent more to skip long delays in manufacturing and shipping for immediate delivery.
Five per cent said they’d offer 21 to 30 per cent above list price.
The average premium people were prepared to offer was 11 per cent.
Lisa Watson, director of sales at Close Brothers Motor Finance, said: ‘The whole sector is doing everything it can to improve lead times against unprecedented global challenges.
‘These figures highlight just how long these problems have been going on.
‘Many buyers are clearly getting frustrated with availability and, despite growing cost-of-living pressures, would even pay more to complete their purchases.
‘Dealers are continuing to work with manufacturers to ensure the customer experience is as smooth as it can be during such a tough period for the sector, but it is no doubt difficult to be a buyer at the moment.
‘Where possible, considering alternative makes and models on a shorter-term basis might help bridge the gap.’
