80% of people planning to get a new car will opt for a used vehicle says Carfinance247.co.uk

By Jason Hulott | PR

If you are looking to buy a car, you may think that nothing quite beats that “new car” smell or the feeling of being the first owner. New research* from car finance and dealer specialist carfinance247.co.uk, however, reveals that in today’s cost-conscious environment, 80% of people planning to get a new car will opt for a used vehicle.

The study* found that, of those questioned:

  • 60% plan to buy a new or used vehicle within the next 12 months;
  • 80% are planning to buy a second hand vehicle;
  • 57% will use their own cash or savings, while 27% will use a car finance company;
  • 86% of male motorists are opting to buy a used car compared to 63% of their female counterparts.

When asked why they plan to buy a second hand vehicle, understandably, 63% of people say it is due to the cost – with over a third (34%) citing how they can get the car they really want, at an affordable price.

Other reasons for buying a used vehicle instead of a new car include:

  • 17% saying that you get more “extras” as standard (which the original owner would have paid for);
  • 7% saying that any “teething problems” will have been ironed out

Emily Henshall, Marketing Manager at Carfinance247.co.uk, says: “While there is a lot of car buying activity around this time of year, it is interesting to see that while there are a lot of cars being bought, cash strapped Brits tend to be looking for a ‘newish’ car rather than a brand new one.  Buying a second hand car has become the affordable option to upgrade and still get the car buyers want.”

*Independent research carried out in March 2013 on behalf of Carfinance247.co.uk by Usurv.


About the Author

Jason Hulott is Business Development Director at Internet Marketing Specialists, Speedie Consultants. His role is to identify and implement traffic generating and revenue increasing ideas for our client base.