10:03 am, March 9, 2022
A third of UK drivers are considering buying a new car this year despite supply chain issues continuing to affect the industry, a new survey has revealed.
Data collected by MoneySuperMarket found that 33 per cent of drivers in Great Britain and Northern Ireland are thinking about a new vehicle.
The survey of 2,000 motorists found that petrol remains the most desirable powertrain, with 30 per cent of those asked telling researchers that would be their preference.
Meanwhile 28 per cent said they were considering buying a petrol car with with 27 per cent opting for a hybrid.
Diesels continued to struggle however, with just six per cent saying they are are considering buying a diesel car.
The data found that drivers in Northern Ireland were the most likely to buy an EV, with 47 per cent saying that would be their choice.
Elsewhere 34 per cent of motorists in the North West said they would go electric compared to 33 per cent of Londoners and 11 per cent of Welsh drivers.
Nearly two thirds (71 per cent) of those considering buying an electric car said they were doing so because they believe they’re better for the environment.
The belief that they are cheaper to run is the second main reason (57 per cent), followed by a desire to take advantage of government subsidies (47 per cent).
Half of those considering buying a hybrid are doing so because they have concerns about electric vehicle charging infrastructure.
The belief that government policy is penalising drivers of diesel and petrol cars is also cited as a major reason for those considering buying electric (44 per cent).
Of those considering buying petrol or diesel cars, 50 per cent cited concerns about EV charging infrastructure as the main blocker.
This was followed by concerns that EVs and Hybrids are more expensive (47 per cent). Just over two fifths (43 per cent) say they prefer to use petrol and diesel cars.
42 per cent said that they will continue to buy petrol cars until their sale is phased out by government rules that ban the sale of combustion engine cars after 2030.
Finance set to be biggest means of paying for a new car
The poll found that the most people intend to use finance to pay for any new car they buy this year.
A combined 29 per cent said they would use the method, including 15 per cent using PCP and eight per cent taking out a car loan.
A further six per cent said they would use hire purchase with seven per cent looking to take out a bank loan.
Finally, seven per cent of those asked planned to use a credit card.
The next biggest means of payment is expected to be savings, with 28 per cent of respondents expecting to dip into their funds to buy a new car.
Just 20 per cent of those asked said that they would be using cash to buy their car outright.
Sara Newell, car insurance expert at MoneySuperMarket, said: ‘Drivers have clearly not been discouraged from considering buying a new car this year, despite the well documented challenges that continue to beset the industry.
‘What is particularly noteworthy is the continued growth in interest in electric vehicles which are now almost on a level pegging with petrol and diesel cars – a fact driven no doubt by the government’s decision to ban the sale of new petrol and diesel cars from 2030 onwards.
If you’re considering buying a new car this year, make sure you think carefully about how you’re going to finance your purchase. While some drivers we talked to said they would be paying for their new car with savings or cash, the vast majority would need to borrow.
‘If you fall into this category, make sure you look for a low interest deal with monthly payments that can be easily managed.
‘Of course, make sure that you shop around for the best car insurance premium price for your new motor.’
