Drivers Switch To Used Cars During Cost Of Living Crisis

Thu 28th Jul 2022

As inflation in the UK continues to rise, the British consumer is being ever more considered when making a car purchase with new research showing how buying habits in the automotive market are changing.

The brand new car market is suffering badly at the moment, the rising cost of almost everything is squeezing wallets, but at the same time, supply chain issues mean that even those who might be considering a car are faced with long waits. It’s for these reasons that many drivers are delaying replacing their car, are switching to cheaper brands or are searching for more affordable used cars.

The analysis by What Car? spoke to more than 1,000 people in the market for a new car and found that 37 per cent, more than one in three, had pushed back their purchases due to financial hardship.

Many are prepared to wait three months, or even next year, but some analysts are suggesting that purchase intention is being put back years due to a shortage of new stock and ridiculously long delivery times.

The survey was published on the day when it was confirmed that inflation in this country had hit a 40-year high, something which is sure to influence what type of cars somebody might buy.

“Rising inflation is impacting the automotive sector with serious consequences,” said Steve Huntingford, What Car? editor. 

“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.”

The research showed that one in five have now decided to purchase a used car rather than buying brand new.