8:36 am, October 12, 2022
Motorists are now holding on to their cars for longer and delaying the purchase of their next vehicle in response to the cost-of-living crisis, new research has found.
In news that will worry car dealers, data collected by consumer champion What Car? found that 53.7 per cent of in-market buyers are looking to reduce spending on motoring costs due to the current crisis.
A whopping 77.7 per cent of the motorists impacted by the current situation also said they are now going to hold on to their current car for longer as a result.
When asked to estimate when they’re looking to purchase their next vehicle, 36 per cent of respondents said in more than six months’ time.
The survey threw up more concerning news for dealers and assistance providers with 15.5 per cent of roadside assistance owners saying they will not renew their policy in order to save on costs.
Furthermore, of the owners impacted by the cost-of-living crisis, 28.9 per cent told What Car? they will likely try to do minor servicing on their vehicles themselves, such as oil changes, in order to save on costs.
Steve Huntingford, editor, What Car?, said: ‘The cost-of-living crisis is impacting all areas of the motor trade, from sales to servicing.
‘The crisis couldn’t come at a more difficult time, as manufacturers, dealers and suppliers in the country are looking to invest heavily towards electrification in the coming years. An economic recession would slow this investment.
‘As the challenges rise so does What Car?’s role in finding the best deals on the best cars and advising a path through the changing landscape towards electrification.
‘Our focus on continuing to deliver the best help, advice and reviews for car owners and buyers has never been more critical.’
What Car? surveyed 876 in-market buyers to gather its data.
