Car Purchasing Process - UK - April 2015
"The new car market is currently experiencing one of its most buoyant periods in recent times with sales reaching a new high in 2014. Yet despite such bravado the market is passing through a period of intense change which is forcing manufacturers and sellers to continually keep abreast of consumer demands."
– Neil Mason, Head of Retail Research
This report looks at the following issues:
- New car sales enter uncharted territory
- Dual and multi purpose vehicles carve out market in own right
- Role of the internet in purchasing could be revitalised
The UK car market is currently benefiting from a period of sustained growth. Improvements in the UK economy following the 2008/09 recession have seen new car purchases reach 2.48 million units in 2014. Within the sector there is continuing evidence of fragmentation with smaller cars and Sports Utility Vehicles (SUVs) as well as trading up to executive models all proving popular with buyers.
Car manufacturers have gone through an especially challenging period of late with many established names in the market facing competition. Manufacturers with a strong premium range appear to be benefiting at the expense of others as do a number of new entrants which are offering greater value to the buyer.
Mintel’s research for this report provides a wealth of valuable additional information on the behaviour of car owners and buyers. It highlights that just under two thirds own a car and that used cars make up 56% of cars purchased. The importance of dealers to buyers is evident with around half of purchases from a main dealer although the profile of online is notable for pre-purchase activity such as searching for a car. Just under half of adults are noted by Mintel as planning to purchase any type of car, new or used, in the coming three years with a sizeable number of purchases expected to take place during this period.
This report investigates the car-buying process and the retailing of cars to private individuals. It focuses on new car sales but also presents these in the context of the used car market. It is exclusively focused on passenger vehicles, and therefore excludes any discussion of the market for light commercial vehicles or fleet vehicles.
The report specifically excludes sales to businesses or operators of company car fleets although data for sales to all three markets are included where necessary to illustrate the context of private sales within the wider market.
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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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