FEWER motorists will be swapping their current used car during 2023 as the cost of living crisis continues to bite while a quarter of people say that their car buying plans this year have been unaffected by worsening personal finances.
January’s Startline Used Car Tracker shows that many don’t believe that the situation will change quickly, with 23% saying any improvements won’t occur until the end of this year and 37% during 2024 or even later.
Paul Burgess, Chief Executive at Startline Motor Finance, said: “It looks as though most drivers are going to try and make do with their existing car this year with many simply not being able to afford anything else. It just shows the effect that the cost of living crisis is having.
“The vast majority don’t see the situation changing for quite some time, at least until towards the end of 2023 and maybe much longer. It understandably looks as though they are digging in and being very careful about their spending.”
Motorists also say that if they were able to buy a used car, the cost of living crisis would be the biggest factor affecting their vehicle choice (68%), followed by running costs (67%), inflation (36%), clean air regulations (22%) and job security (21%).
Burgess said: “Most buyers who are in the market are thinking very carefully about the car they choose and what it will cost to cost to keep it on the road, as well as what might happen if their finances became worse, such as if they lost their job. The whole buying decision is being carefully very weighed against their personal finances.”
The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research, well-known in the motor industry for their business intelligence reporting and customer experience programs. This time, 305 consumers and 62 dealers were questioned.
