Almost half of all car buyers expect new car prices to rise when Britain’s transition out of the EU is complete, but many still intend to buy one according to research from Buyacar.
Buyacar surveyed over 700 motorists on their car buying intentions and found that 47% expect new car prices to rise as a result of leaving the EU. However, one-in-three people still intend to purchase a new car.
The research also revealed that 42% of motorists will be looking to purchase between the end of the year and early 2022.
Buyacar has completed £1.1 million of used car sales and deliveries during the UK’s COVID-19 coronavirus lockdown – with just 42% going to key workers.
The research found that men are more likely than women to be aiming for a new car, with 36% of men saying they will choose new and a further 32.1% saying they will also consider a pre-registered car.
In contrast, 13.2% of women expect to opt for a brand-new car, with a further 18.4% open to a pre-registered car. The most popular car age bracket for women is 1 to 2 years old.
The overall figure for all motorists aiming to purchase a new car is 33.5%, but a further 30.9% will also consider a new car that has already been registered by the dealer and perhaps used for test drives or for a brief period by dealer staff.
Savings on nearly new 2020-registered cars are putting pressure on new car sales targets for this months registration plate change, according to the online car retail platform.
Buyacar said the news will reassure the automotive industry that “better times are around the corner”, following the coronavirus pandemic.
Christofer Lloyd, editor of BuyaCar.co.uk, said: “In such a challenging year for the UK automotive industry these findings offer some reassurance that recovery is around the corner.
“Particularly welcome is the fact that a large proportion of motorists seem to have already taken the potential for Brexit-related price inflation into account, given the unfortunate timing of a global pandemic and a major shift in the way Britain trades internationally.”
“Used car trade has been exceptionally strong in the aftermath of Britain’s general coronavirus lockdown and BuyaCar.co.uk posted the biggest sales figures in its 18-year history this summer, but healthy new car sales are essential for generating the used cars that most of us buy.
This year’s worst-case sales forecast suggests a slump of up to 35.5% compared to last year, with as few as 1.49 million cars sold to private and business buyers, according to Autovista.
The official Society of Motor Manufacturers and Traders (SMMT) forecast stands at 1.6 million. UK new car registrations have not previously dipped below two million since 2011.
Lloyd said: “The fact that so many people expect to go ahead with their plans to buy a new car in particular, regardless of any change in prices, will be a relief to manufacturers and all the ancillary businesses that support them across the UK.”