AA Cars research finds growing car buying confidence

AA Cars research has revealed that 18% of drivers are now in the market for a new vehicle.

It says the percentage is particularly high because an improving economic landscape means that many motorists who delayed making a purchase in the last few years are now actively looking for a new car again.

In fact, its research revealed that almost a quarter (24%) of respondents said that they have put off buying a car because of financial anxieties, while 23% said they could not afford to buy a new car.

James Hosking, director of AA Cars, said: “While economic challenges persist, some green shoots of recovery are starting to appear. With inflation now at two per cent and average wages beginning to outpace it, some households are experiencing a slight easing of financial pressures, though many still face significant cost of living concerns.”

Growing car buying confidence

Hosking continued: “As the economic situation gradually improves, we’re noticing a cautious increase in consumer confidence. Some individuals who previously delayed major purchases are now carefully considering their options, including vehicle upgrades or replacements.

“The used car market continues to offer a range of choices for various budgets and needs. Dealerships have the opportunity to showcase diverse inventory, from efficient compact cars to versatile family vehicles, catering to different customer requirements.”