AM Online

End to Brexit uncertainty unlocks buyer confidence

car sales

More people are expected to buy a new car this year as consumer confidence returns in light of the December election result and some certrainty around Brexit.

That’s the view of BuyaCar.co.uk, which surveyed 3,275 people and found that more than one in six are now ready to step back into the market.

The research also reveals that the closer drivers are to settling on a choice for their next car, the more confident they feel about committing to spending their money now that the General Election has taken place – with 24% claiming they are ready to buy.

Among readers of the motoring consumer advice site Carbuyer almost one in four said the decisive political result meant they would now go ahead with a purchase. Among the more general motoring enthusiast readers of Auto Express, the figure was 11%, making the overall average for those who now feel more confident to change their car 15%.

This latest research signals a dramatic change of sentiment among motorists who were becoming increasingly wary of making big spending commitments until the question of Brexit in particular had been settled.

In March last year, BuyaCar.co.uk revealed that Brexit uncertainty was the top reason given by those who had decided to delay buying another car for two years or longer.

Christofer Lloyd, editor of BuyaCar.co.uk, said: "As we have been reminded almost daily in the news over the past couple of years, Brexit uncertainty has been deeply damaging to consumer and business confidence. So this research suggests that a lot of pent-up demand is about to be unleashed now that the question has been decisively settled.”

An increase in visits to BuyaCar.co.uk in the final week of 2019 contrasts with a year ago, when traffic slowed down between Christmas and New Year suggesting consumers are stepping up their car buying research earlier than usual.

"The car industry has had a torrid time since the 2016 referendum and although our own sales of used cars have continued to grow, the new car market in particular has been consistently falling. From this research it seems clear that, wherever you stand on Brexit, an end to uncertainty may be just the thing to unleash buyers back into the market," added Lloyd.



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