Second-hand cars are set to be the most popular purchase in the next 12 months among consumers according to research, with 56% of those intending to buy a car looking to target the used market.
Some 34% intend to buy a brand new car, 2% a pre-registration vehicle, with the remainder yet to decide.
And two in five (40%) consumers looking to buy a car in the next 12 months say they will purchase a warranty at the same time, according to Mapfre Warranty.
A further 31% of those intending to buy a car say they may purchase a warranty alongside it but haven’t yet made their mind up.
Dennis Foley, Head of Mapfre Warranty, said: “These findings make it very clear that a warranty is an important part of the purchasing decision now for many car buyers. Our consultation with dealers tells us that customers want to see as much openness and transparency as possible, and evidence of the value of the warranty product.
“It’s important to car buyers that the execution of the warranty is as easy as possible, which is why we have spent so much time working with or customers to develop a product they can trust, that makes the sales process as easy as possible, and that most importantly, their customers will like.”
One in three (36%) of those who say they will definitely or possibly purchase a warranty say the length of warranty on offer will have a big influence on which car they buy.
Male car buyers are most likely to buy a warranty, with 45% of them convinced they will do so, compared to 35% of female car buyers.
The research also reveals that younger drivers are more concerned about purchasing warranties. More than half of 18-24 year old car buyers (53%) intend to buy a warranty, compared to 49% of 25-34 year olds, 37% of 35-44 year olds, and 35% of 45-54 year olds. Just 33% of car buyers aged 55 or over say they will definitely buy a warranty with their car.
Mapfre Warranty, which officially launched last month, provides motor warranty products to the automotive and insurance industries.
- Consumer Intelligence surveyed 1,872 UK adults online between June 16-20, 2011