Are customers looking to buy?
According to the BCA report, the number of customers who think they or a family member will "certinaly or are "quite likely" to buy a used car in the next 12 months dropped by three points to 11% and has declined since pre-recessionary times when the figure stood at 18%.
Three-quarters of car owners plan to buy a used car next time they change, while the number of motorists planning to buy a nearly-new car remained at 6% compared with 9% in 2008.
The report suggests continuing economic pressures and the double-dip recession are going to significantly change the tyoe of vehicle customers want to buy. Buyers are increasingly looking to buy cars with better fuel consumption (27%) and lower road tax (20%). A smaller car (14%) is much more likely to be purchased than a bigger car (2%) in the current economic climate.
New car market
Cooke believes it will take until 2015 for the new car market to recover in the UK.
- 1.99m in 2013
- 2.10m in 2014
- 2.2m in 2015
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