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.