Used buyers want youth

Time 6:55 pm, September 5, 2008

37539vol.jpgFIVE years old or younger – that’s what car buyers want.

A recent survey by Exchange & Mart showed that 84 per cent of buyers would prefer their next car to be nearly-new.

And that figure, says E&M, has increased since last year. Why? Growing awareness that newer means more economical and environmentally sound, is the suggestion.

These buyers don’t want new cars – they realise first-year depreciation can be as much as 40 per cent – but realise that spending a bit more on nearly-new might just, in the long run, save them cash.

Thus, while the most popular price band is £1000-£5000, the £5000-£15,000 sector is growing in popularity.

‘A newer car will cost less to keep on the road as there will be fewer mechanical issues due to age, high mileage and wear-and-tear,’ said E&M digital director, Debra Healy.

‘From this research, it appears that the used car buyer is becoming more aware of long term value for money and less inclined to opt for an instant bargain.’

‘Dealers need to remain responsive to this shift in buying habits, and by doing so, will easily avoid the risk of significant losses during the crunch.’

Car Dealer Magazine's avatar

Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

More stories...

Server 190