Market Research Survey Outlines Top Reasons for Buying a New Car
22nd September 2014 10:45 - Automotive
According to recent research, the most common reason for purchasing a new car among drivers in the UK is the desire to drive something “new” or “different.”
Of the 1,000+ UK drivers surveyed, almost half (45%) said wanting to “drive something new or different” was the reason behind buying a new car, despite recent rising inflation and slower wage growth.
Drivers in Yorkshire were most likely to change their car for something “new” and “different”, with almost three fifths (57%) of drivers in this region giving this as a reason behind their decision to buy a new car.
For two fifths (43%) of the survey’s respondents, the main reason behind purchasing a new car was a genuine need to replace a vehicle that was considered to be beyond economical repair.
Around three in 10 (31%) stated cutting the running costs of their car and saving money was the driving force behind their decision to invest in a new vehicle. Over 55’s (36%) were most likely to cite this as a reason, compared to just one fifth (20%) of 18 to 24-year-olds.
Furthermore, according to the study’s findings, around two fifths (37%) of UK drivers replace their car every five years, with around one fifth (19%) upgrading their vehicle every two years. Around one sixth (15%) said they changed motors every eight years, one in 10 (10%) said every 10 years and one fifth (20%) said they had no fixed car-buying pattern.
Younger drivers, aged between 18 and 24, change their vehicle most regularly with almost half (47%) doing so every two years. Approximately one quarter of the drivers in Wales (26%) and Scotland (23%) change cars more regularly than anyone else - every two years.
Andrew Ballard, Principal Consultant at Experian Automotive, said: “A reluctance to take on additional financial responsibilities has reflected the mood among car buyers for a long time, but we have seen both used and new cars sales grow significantly over the past year. While running costs still play a role, a desire for change came out as a bigger driver. For the motor industry, this research highlights the need to understand who is looking to change, and for what reasons, so that they can better meet the needs of those car buyers and create lasting relationships.
“Factors such as cutting current costs down or reluctance to take on additional financial responsibilities reflect the current mood among a growing number of car buyers.”
Sign up for free insights from your sector…
We hope that you have found this article useful. This section is freely available for all to use. Please help support it by liking us or following us on our social media platforms:
For updated Automotive insights please follow us on @DJS_Automotive or use our RSS feed