Consumers are planning to spend more on their next car than they had been before lockdown, according to new research.
Online car marketplace BuyaCar.co.uk says the average price paid for a vehicle on its site last month dropped to a three-year low of £11,366, compared with £13,590 in the same month last year.
However, the average price of a car reserved for future delivery in the first week of May has shot up to almost £16,000.
The site’s analysts believe that the lockdown-enforced car buying slowdown has not only led to pent-up demand, but is also driving consumers to splash the cash on a better car than they had originally planned to.
Andy Oldham, chief executive of BuyaCar.co.uk, said: “Our sales and buying intentions data reveals a fascinating picture of the car market at its most distressed and suggests that there is going to be a surge in spending when the market begins to recover.
“Now, looking to the future it seems that consumers who have been kept out of the market for some time have a stronger appetite than ever for securing the best car they can afford.
“It seems that car sales in general are heading toward a very busy re-start. Our own website traffic reveals a 71 per cent bounce back from the depths of early in the lockdown and we look forward to being able to resume our normal service as soon as we get the green light.”
The site has been delivering vehicles during the lockdown, but restricting this to key workers, tradespeople and those who need a vehicle to look after vulnerable people.
The most sought-after vehicles that have been ordered for post-lockdown delivery are the Mercedes-Benz A-Class and C-Class, and Volkswagen Golf.