2:19 am, November 12, 2011
NEW research reveals that more than 80 per cent of car buyers are not delaying buying a new or used car.
Creditplus.co.uk has found that motorists will not be waiting to buy new or used for three to six months despite economic uncertainty, and that for nearly a third of motorists, MPG, Co2 emissions and the cost of insurance are the most important considerations in their next car purchase.
The research also reveals that the there is a huge appetite for petrol cars (76 per cent) among motorists, while diesel demand is just 17 per cent. Despite the high price of fuel and the availability of hybrid vehicles from the major manufacturers, only 13 per cent of motorists are opting for a green car.
One in 10 motorists are downsizing to a smaller car, with almost one in six motorists aged 55 plus downsizing to save money. Motorists in the East Midlands are most likely to downsize (15 per cent) compared with motorists in the South East who are least likely to downsize (six per cent).
The research also reveals that MPG, Co2 emissions and the cost of insurance are the most important considerations for car buyers in the East Midlands (47 per cent) followed by the East of England (41 per cent) and the West Midlands and Greater London (40 per cent).
Shaun Armstrong, managing director of creditplus.co.uk said: ‘It is interesting that economic uncertainty is not having a bigger influence on motorists’ car buying habits. This is great news for the industry, as many would assume that motorists are becoming more concerned with all the news around the economy.
‘For many, the cost of owning and running a car is a more important consideration than whether or not to buy a new model. The drop in demand for diesels may be the result of the traditionally higher price of diesel cars and the higher cost at the forecourt to fill up.
‘Motorists are looking at ways to save money on their motoring costs and we have seen a growth in demand for asset-backed finance, which enables motorists to leave their cash in the bank and secure a lower interest loan and lower monthly payments.’
