Nearly 40 per cent of consumers are looking to change their car in the next 12 months – a slight increase in the appetite compared with the end of last year, while 77 per cent of consumers are looking to change their car in the next three years, up from 72 per cent at the end of 2012.
In the research, which formed part of the AMi quarterly Market Watch report, Motoring.co.uk also found that just 23 per cent intend to stick to their car past the three year point, a figure that was 28 per cent at the end of 2012.
When it comes to the most desired new car brands, the new research reveals that the top five are:
- Ford 13 per cent approval rating
- BMW 12.1 per cent
- Audi 8.5 per cent
- Volkswagen 8.3 per cent
- Mercedes Benz 7 per cent
The brands that are losing desirability are:
- Renault -1.8 per cent
- Peugeot -1.6 per cent
- Citroen -1.2 per cent
- Fiat -1.2 per cent
- Vauxhall - 0.3 per cent
Ford remains the first choice for consumers, but more than a quarter put premium brands like BMW, Audi and Mercedes-Benz as their first choice.
Value brands such as Skoda and Kia appear in the top 10 for the first time, leap frogging volume brands such as Peugeot, Mazda, Citroen and Renault.
The top three considerations for consumers when choosing their next car is price (66 per cent), mpg (63 per cent) and reliability (59 per cent).
Rising fuel process have put fuel type in fourth position ahead this time of insurance cost. Performance, brand image and technology/in-car entertainment have become more important in the last four months.
Terry Hogan, director at Motoring.co.uk, said: “Our second Car Buying Index shows clear trends appearing.
"Consumers are starting to open their purse strings just a little, with premium brands benefiting from strong registration gains. More consumers are considering new cars, at higher values. There is also a growth in interest in the brand they drive and the gadgets that are included, particularly ICE and connectability.
“Value for money is still a big driver in model consideration and that doesn’t look like its changing in the short term. Strong manufacturer price offers and finance deals are helping to grow the demand for new cars. Ford remains the number one new car brand in the UK, while Kia has massively increased its desirability (position 7th) and Honda is back in the top ten in 8th position.”
Research source: Motoring.co.uk Car Buying Index: research amongst 1,500 car buyers, May 2013.