Buyers turning to used cars as cost of living crisis reduces budgets

·2-min read

Car buyers are considering a used car while reducing budgets, delaying purchasing and looking at different models from the ones they originally intended as the cost of living crisis bites.

A survey by What Car of 1,232 in-market buyers has found a real shift across the board, with 36.6 per cent stating that they were already delaying their car purchase due to the cost of living crisis. Some 48.45 per cent were pushing it back by more than three months while 24.1 per cent were delaying their purchase until next year.

Many buyers are also checking out other types of cars, with 39.7 per cent stating that they have changed either the make or model that they’re looking at as a result of the cost of living crisis. Some 12.8 per cent said that they were now looking at a different model from the same manufacturer, meanwhile.

Buyers are also cutting budgets, with 35.1 per cent stating that they were reducing the amount of money that they’ll spend on their next car.

Of those surveyed, 38.5 per cent said that they were in the market for a new car while 34 per cent stated that they were opting for a used model. Of that latter group, 20.7 per cent said that they had originally planned to buy a brand-new car, but that the cost of living crisis had caused them to consider a used model instead.

Steve Huntingford, editor of What Car, said: “Rising inflation is impacting the automotive sector with serious consequences. As our research shows, a significant share of buyers are revising their budgets, pushing back their vehicle purchase and considering different makes and models than before to offset the rising costs of living.”

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