7:56 am, November 16, 2022
New car buyers are ‘flexible’ when it comes to how long they are prepared to wait for their next vehicle – but their patience has a limit.
That’s the result of a survey which asked new car buyers just how long they were prepared to hang on from order to delivery time.
Of 1,400 new car buyers What Car? surveyed, very few (4.2%) were prepared to wait more than a year for their new car.
And worryingly, asked what they’d do if their waiting time demands couldn’t be met, 45 per cent said they’d buy from another manufacturer instead.
Just 15 per cent said they’d opt for a different car from the same manufacturer instead of waiting, while a further 38 per cent said they’d opt for a used model.
Many car manufacturer waiting times have increased dramatically since production was hit by semiconductor supplies and other raw material shortages.
There are reports some new Land Rover models are experiencing waits of up to two years while Peter Vardy told the Car Dealer Podcast on Friday that most Porsche models were experiencing up to two-year lead times.
How long are new car buyers prepared to wait?
- A month – 33.8%
- 1-3 months – 30.2%
- 3-6 months – 22.8%
- 6-12 months – 8.7%
- More than a year – 4.2%
Jim Holder, editorial director at What Car?, said that while many car buyers are ‘understanding of market conditions’ they have become more flexible with their alternative options.
He said: ‘What is apparent is that their patience has a limit, and that in a market that has supply very few are prepared to wait a year for their next car.
‘Instead, many respondents said they will either buy a different car or switch to a manufacturer that has stock if they are faced with a long wait.
‘That’s a critical market trend as demand falls due to the cost-of-living crisis and stock issues ease as chips become more available, car makers who have gleefully cut discounts and pumped profits as they managed waiting lists to their advantage are going to have to adapt to a different reality.
‘This is especially true as the chip supply doesn’t appear to be linear across the industry, and there will almost certainly be some manufacturers with supply keen to capture market share from struggling rivals.
‘It will also be interesting how this affects the used market. The combination of long waits on new cars and the cost of living crisis look set to keep demand in the sector strong, helping maintain today’s current high levels of pricing.’
