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Car Buyers Are Shunning New For Old Says New Report

Wed, Oct 17, 2018 8:32 PM

Less than half of car-buyers in the UK are planning to buy a brand new car says new research published this week.

A survey of more than 2,000 adults in the UK by Sainsbury’s Bank Car Insurance found that although two in five respondents admitted they would replace their current vehicle over the next two years, only 17 per cent of them were planning to buy a brand-new vehicle. A larger percentage, 22 per cent, said they will be opting for a used car.

Sainsbury’s own data, collected from their insurance premiums, tells us that the Ford Focus remains strong across both new and used buyers and is still the most popular model for drivers, with the Fiesta, Volkswagen Golf and Vauxhall’s Astra and Corsa also featuring high on the list.

The British car buyer seems to be getting more attuned to the overall market, with 23 per cent of those looking for a second hand car choosing to buy their car in the month immediately after new registration plates are released, believing they will get lower prices.

Karen Hogg, Head of Insurance at Sainsbury’s Bank said: “It’s encouraging to see many drivers being smart with their cash and identifying the impact new registration plates have on the cost of older cars. However, before making the purchase it’s important drivers undertake the necessary financial checks for example researching good quality car insurance.”

Sainsbury’s survey also revealed which parts of the country were most frugal when choosing to buy a car, with drivers in London expecting to almost £10k more than drivers in the North West for their next car. Male drivers are also happier to pay more than females, men expecting to budget for £16,036, compared to £11,360 for women.

 

Top five regional spend on next car purchase

Region

Average spend

London

£22,375

Scotland

£14,386

Yorkshire and Humberside

£14,223

West Midlands

£13,817

North West

£13,038




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