11:37 am, April 17, 2023
Sixty per cent of motorists plan on buying or leasing a car over the next year – and that figure may even rise.
That’s according to latest research from Close Brothers Motor Finance, which saw 2,000 drivers polled.
It found that almost a quarter (24 per cent) of adults said they’ll buy or lease a used/second-hand vehicle in the next 12 months, and a similar proportion – 23 per cent – said they’ll opt for a new car over a used one.
One in 13 haven’t decided yet or don’t know, meaning the figures could well increase.
Petrol cars continue to top the list, despite the looming ban on new petrol and diesel vehicles, with almost a third (32 per cent) of those quizzed claiming they’ll be opting for one.
Meanwhile, one in eight said they’d be looking to buy a diesel car in the next 12 months.
Hybrid vehicles – which face being banned from 2035 – were the second most-preferable option, with more than a quarter (26 per cent) looking to buy or lease one, while one in seven said they’d opt for a pure electric vehicle.
Lisa Watson, director of sales at Close Brothers Motor Finance, said: ‘The demand in the car market has been strong throughout 2023 and is beginning to return to pre-Covid levels.
‘Sales, as well as production, are accelerating – latest figures show the UK new car market achieved an eighth consecutive month of growth.
‘And this trend looks set to continue with more car owners planning to buy a car than not.’
She added: ‘The increase in the popularity of AFVs indicates how the consumers are taking great steps on the road that leads to the eventual phasing-out of petrol and diesel vehicles, although the popularity of petrol remains in place for consumers for now.
‘The second-hand market is seeing an influx in demand as more people seek affordable options.
‘But in order to meet this demand, the onus remains on car dealers to utilise available insight to stock forecourts and meet fluctuating demand.
‘And that may remain difficult following a year in which slow manufacturing hindered the new car market and thus the second-hand market.
‘Car buyers may need to be prepared to shop around if there is limited stock or long waiting times for the car they want and speak to car dealers to ensure that they’re getting the right model, engine type and finance option for them.’
