Purchasing of New and Second-hand Cars - UK - October 2009
- Whereas sales of new cars have fallen by 14% in 2009 from 2.13m to 1.83m, sales of hybrid and electric cars actually increased by 25% from 16,000 to 20,000 cars. Despite the market downturn, 4,000 car buyers have taken advantage of the £2,000 scrappage allowance to buy higher priced hybrid, electric or other alternatively fuelled cars.
- Even though the financial crisis and the recession has caused new and used car sales combined to fall by 11%, almost one-third of all adults surveyed online say they intend to buy a new or used car over the next twelve months.
- Twenty-five percent of potential car buyers intend to spend between £7-10,000: 12% of potential used car buyers intend spending £7-10,000 against 13% of potential new car buyers. The extension of the £2,000 scrappage scheme to another 100,000 cars provides an opportunity for car manufacturers and new car dealers to persuade those intending to buy a used car to buy new.
- More affluent social groups are forecast to rise by between 5-7% by 2014. Amounting to almost 2.8m people, these groups (ABs and C1s) are the principal target market for new car sales: a sizeable opportunity for new car suppliers as the economy emerges from recession.
- Car manufacturers and dealers have the opportunity to influence the brand purchase decision of almost 80% of all potential car buyers. Just over 20% of future car buyers know with some certainty which make and model they are likely to buy next; just over half have a few makes and models in mind. Slightly under one-quarter have no idea which make and model they will buy.
- For forty percent of car buyers, the purchase of their next car will largely be an emotional decision where price will be less of a factor.
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