Millions Reluctant To Buy A Car Due To Economic Uncertainty – Study

In a recent study conducted by Close Brothers Motor Finance, it was found that nearly two-fifths of drivers are putting off buying a car due to the current economic uncertainty caused by Brexit and the pandemic. According to the company, this equates to around 9.3 million individuals delaying their car purchase this year. It’s likely that the car parts industry will equally suffer, with people looking for more affordable choices, like the cheapest car batteries online to fit within their tightened budgets. But skimping on purchases can cause risks, so always look for reliable sellers of car batteries online to be sure of the quality of your purchase.

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The study conducted a poll of 2,000 UK drivers. Thirty-eight per cent of these stated that they had put their plans to purchase a new car on hold due to the changing economic environment both in the wake of Brexit and the ongoing coronavirus pandemic. It’s likely they are waiting to see what unfurls in economic terms in 2021. However, just over one in ten people (12%) said they would push forward with making their purchase this year regardless.

In 2020, 22% of respondents to a similar survey confirmed they’d put their car buying plans on hold, so this year’s figures illustrate the increased uncertainty after recent events.

Returning to 2021 figures, the survey found that 29 per cent of drivers asked were adamant that they would still purchase a new vehicle despite the pandemic. Thirty-seven per cent were clear that they’d rather use a car than risk public transport at this time.

Other figures emerging from the survey include 12% of respondents actively bringing forward their decision to invest in a new vehicle; 12% said that they were looking to change to a cheaper vehicle; and 14% stated that they’re more likely to buy used than new.

The report also showed that younger people were more likely to have their car-buying plans affected by the risks to employment and financial welfare than older respondents. While only 10% of the 17-24 age group and 15% of the 25-34 group said they were unlikely to put car-buying plans on hold, a huge 45% of the over 55s said that economic uncertainty wouldn’t be stopping them.

Last year was projected to be the year in which the UK motor industry would recover ground lost in previous years, but Covid-19 has added many challenges to the table, said managing director of Close Brothers Motor Finance, Seán Kemple.

He further stated, though, that the difficult climate had accelerated change in the way the automotive industry operates and he was optimistic that those changes represented an opportunity for the sector to ‘build back better’.

Kemple cited the strong numbers of respondents whose car-buying habits remained unchanged by recent events. For others who have experienced dramatic changes in their lifestyle due to ill-health, a drop in disposable income, or job losses, they will need the car industry to adapt to the changing circumstances. As an example, he cited the need for car salespeople to offer a more personalised and considered service. They must learn to work more closely with their finance companies to ensure that any financial agreements entered into are to the benefit of both the seller and the buyer.

2021 is also likely to see people continuing with the trend of moving towards internet shopping, especially in terms of car parts and accessories, like buying a car battery online.

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If you’ve bought a used car, you need to ensure the most important components are in good working order. That’s certainly true of your car battery. And if you’re shopping around because you’re on a tight budget, you will probably be looking for places where you can find the cheapest car batteries online.

At Orius Batteries, you’ll be able to find just what you need at affordable prices. Try our battery finder to see the range of suitable batteries for your make and model of car. There’s sure to be one that fits in with your budget.

Whatever you buy from us, we’ll deliver it to your doorstep the next working day (provided that you’ve placed your order before 3 pm) free of charge. What’s more, all our batteries are backed by a lifetime warranty to give you a guarantee of their quality and service life.

Published at: 14-05-2021