Car buyers reacting to cost of living crisis
New research from What Car? has found that the cost of living crisis is causing car buyers to delay their purchases, reduce their budgets and consider different makes and models from what they initially intended.
It’s in-market research of 1,232 buyers who said they were in the market for a car found 36.61% have decided to delay their purchase due to the cost of living crisis, with 48.45% of those doing so pushing it back by more than three months and 24.11% delaying their vehicle purchase until next year.
The research also found 39.68% of buyers have changed either the make or model they’re considering due to the cost-of-living crisis, with 71.74% of those buyers considering a different make and model altogether, and 12.8% saying they’re now looking at a different model from the same manufacturer.
The crisis is also affecting budgets, with 35% of buyers saying they are reducing the amount they’ll spend on their next car.
Meanwhile, 38.46% said they were looking to buy a new car while 34% were in the market for a used model.
Steve Huntingford, editor, 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.”
