The majority of car owners (76%) buy their car from a car showroom, rising to 86% of over 66s, compared to just 58% of under 34s.The survey of 2,000 UK drivers, commissioned by InsuretheGap.com, a leading supplier of GAP Insurance (Guaranteed Asset Protection) for new and second-hand cars, finds that drivers, who prefer to buy from showrooms, do so because:34% wish to part-exchange their … [Read more...]
Is the pricing bubble about to burst? ask BuyaCar
Used car prices may have reached a ceiling, signalled by a shrinking cost gap between newer and older cars. According to the online car supermarket BuyaCar.co.uk, the average price paid for a 2021-registered car is just 4.6% higher than for cars registered in 2020. BuyaCar research shows that the gap was 24.1% in 2019, before the coronavirus pandemic and the global electronic chip shortage … [Read more...]
Used cars’ sales booming, says industry
The UK’s used car market grew 108.6% in the second quarter of 2021 according to the Society of Motor Manufacturers and Traders. Some 2,167,504 vehicles changed hands, up 6.6% on 2019 pre-pandemic levels, the best Q2 performance and almost the best quarter ever for the used car market. The increase tracks the country’s gradual emergence from lockdown, as businesses reopened, demand for personal … [Read more...]
Rising hesitancy over buying is the new norm
There is no doubt that new and used car sales are right at the forefront of the car retailer’s commercial strategy at the moment, said Rupert Pontin, Director of Insight at Cazana, the motor trade analysts. As another week of strong sales performance passed by and the retailers continued to make the most of the pent-up buyer demand, new car sales looked good, although the restrictions on supply … [Read more...]
Car sales are rising but beware of finance costs
More than half of UK drivers (51%) are intending to buy a new or used car in the next six months, now that showrooms have re-opened and travel curbs are lifting said comparethemarket.com. Drivers are set to spend an average of £15,042 on these cars, with 39% planning to buy either an electric or hybrid vehicle. The main reasons that drivers cite for buying a car include the need to replace … [Read more...]
More buyers looking for new cars after lockdowns
Some 2.7 million more drivers are planning to opt for a new car this year than previous years, according to Close Brothers Motor Finance’s upcoming Britain Under the Bonnet Report. For 45% of drivers, a new car is the preferred option – significantly up from 38% last year.The lockdown has fuelled fresh demand for a private vehicle and working from home has enabled lots of consumers … [Read more...]
On-line shortcut to boosting business
By leveraging online sales, UK auto retailers could reduce the transaction time taken to sell a vehicle by 75% and cut the costs incurred in the process by 45%, according to new research released by industry-leading automotive ecommerce solution provider GForces.The data indicates that, as per 2020, based on an annual used car market of 6.75 million sales, the industry could save £9.5 … [Read more...]
Covid-19 polarises buyers around the nation
Covid-19 has polarised the world, and the nation – including car buyers. According to research from episode one of the annual Britain Under the Bonnet report, from Close Brothers Motor Finance, some 38% of drivers are more likely to delay buying a car due to the economic uncertainty caused by Covid-19 and Brexit, while 12% have brought forward their plans. The fifth edition of the report, which … [Read more...]
Advertising brakes but car sales accelerate
Sales enquiries for both new and used cars have seen an increase during the last week as retail buyers appear to have gained a little more confidence and seem more willing to start to spend the money they have inadvertently saved during the current third lockdown period. However, new car sales for the month are still looking to be at around 60% of normal levels with a considerable constraint on … [Read more...]
Budget needs to tackle help for car sector and buyers
Changes to VAT around compensation payments, strategic support for the UK motor industry, and the future of road charging are key subjects that should be tackled by the Chancellor in March’s Budget, says the Vehicle Remarketing Association. All three issues are likely to impact on the remarketing sector either in the short, medium or longer-term, believes the industry organisation, and its … [Read more...]
