80% of drivers plan on keeping their car for longer, finds survey

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26th September 2023 19:43 - Automotive

80% of drivers plan on keeping their car for longer: A survey of motorists has revealed that eight in 10 plan to hold on to their car for longer than they might have done previously, with the figure rising to 88% of young drivers. This compares to 72% of 45-59-year-olds who said the same.

The research by Cazoo also found that the average length of holding on to a car is 5.2 years with younger people tending to change their car more frequently (4.1 years versus 6.2 years for those aged 60+).

Also revealed by the polling was that of those people looking to choose a new car, more than half would consider downsizing to something smaller and more cost effective.

When asked about the reasons for holding onto their current vehicle for longer, three in five (61%) said the cost of living crisis was to blame, while 38% said the high price of second-hand cars. Another reason cited by a fifth of respondents was the availability of new cars (21%).

When asked about the reasons for changing their attitude to car buying, half the respondents polled said the cost of living crisis had changed their views, followed by the increasing cost of buying used cars (23%). Covid-19 (18%) and the option to swap to an electric model (17%) were also cited by respondents, along with 'working from home', with 16% saying their changed circumstances had made them reconsider their needs. More than a quarter of people, (28%) however, said they have not had a change in attitude to buying and selling cars.

A further part to the survey asked respondents for their opinions on electric vehicles (EVs) with more than half saying they are holding on to their petrol cars until EVs come down in price.

Furthermore, of those planning to buy a new car in the next 12 months (70%), two-thirds said they will be looking at used models rather than buying a new vehicle.

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