New research by fleet company LeasePlan UK shows used car buyers have suffered an annual income drop of nearly £3k over the last few years.
A survey of 2,000 UK adults found that the average household income of a second-hand car buyer now stands at £39,104. Well down on the £41,888 recorded in 2009.
Further still, the number of buyers describing their job status as ‘very secure’ has fallen 5% in the last three years, from 30% to 25%.
Given the emissions-based taxation system, LeasePlan express surprise that just 54% of buyers checked the road tax band of a vehicle before purchase.
James Hopkins, head of remarketing at LeasePlan, said: “At a time when incomes are still being squeezed, it is important that second-hand car buyers understand all of the costs.
“Potential sellers should also be aware of the current market conditions when calculating the potential resale value of their vehicle.”