Tuesday, March 5, 2024
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consumers delay new car purchases

Economic uncertainty has driven over one-third of drivers (35%) – the equivalent of eight million Brits – to postpone or hold off buying a car altogether, according to a report by Close Brothers Motor Finance.

Despite this economic uncertainty, the report found that 82% of current drivers are planning on purchasing a vehicle within the next three years; equating to almost 32 million new or used cars being sold in the UK by 2021.This is a significant increase on last year’s findings, when 71% of drivers planned to purchase a car in the next three years.

The report looks at consumer attitudes and car-buying behaviours – along with views from dealerships across the country – to give a “comprehensive view” of the UK’s motor industry in 2018.

 

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