Out With the Old, Would-Be U.K. Car Buyers Say

Despite rising inflation and slower wage growth, 45% of U.K. motorists say they would buy a car simply because they wanted to be able to drive something new or different.

Information services company Experian reports the survey it commissioned from research and insight company Opinion Matters polled 1,105 car owners and found that for 43% the main driver for buying a new car was a need to replace a vehicle considered to be beyond economical repair.

This suggests a significant number of motorists are holding onto their car for longer.

Cutting the costs of operation and saving money played a primary role for 31% of car owners. This response came mainly from people over 55, who were most likely to replace a car to reduce running costs (36%), while this was the case for only 20% of 18- to 24-year-olds.

Experian Automotive Principal Consultant Andrew Ballard says 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-car sales grow significantly over the past year,” Ballard says in a statement. “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.”

The survey indicates 37% of U.K. motorists replace their car every five years, while 19% do so every two years, 15% every eight years and 10% after 10 years or more. The remaining 19% say they have no set pattern.

Drivers between ages 18 and 24 change their vehicles more regularly, with 47% doing so every two years.