Consumers who have witnessed new and used cars become significantly more expensive since 2020 are unlikely to beat a path to dealerships as a result of the National Insurance cut in Jeremy Hunt's 2024 Spring Budget.
An "informed" consumer might just be an over-confident one, so assuming ignorance may not be a bad thing, writes AM's regular columnist Professor Jim Saker, emeritus professor of Loughborough University's business school and president of the Institute of the Motor Industry.
Negotiating a fair price is the biggest worry buyers face when purchasing a car, according to eBay Motors Group’s latest Consumer Insight Panel findings.
Consumers are continuing to change their car buying plans because of the cost-of-living crisis according to the latest Forecourt Foresight research from Close Brothers Motor Finance.
The Bank of England (BoE) has confirmed interest rates will rise by 0.5%, from 4.5% to 5%, the thirteenth consecutive rise since December 2021.
Nearly half of car buyers (47%) intend to carry on with their next car purchase, despite their budgets being squeezed, according to new research.
Mercedes-Benz customers travel further to showrooms than any other car buyers, as consumers increasingly look to purchase locally, research has found.
Previous poor reliability with a vehicle has put nearly a third of in-market buyers off from purchasing from the same brand again, research has found.
Over a third of UK motorists are choosing to hold on to their cars longer as the cost-of-living crisis makes consumers increasingly averse to long-term finance agreements.
Used car sales slowed as the average price of a car advertised for sale declined by 4.7% in Q2 according to eBays Motors data which showed the impact of the UK’s growing cost-of-living crisis.
One-in-five new and used car buyers are putting off their next purchase as they feel the pinch of the cost of living crisis, eBay Motors Group research suggests.
Vehicle supplies, compliance and new mobility are considered the three top challenges facing car retailers in 2022, according to the Startline Motor Finance’s first monthly Used Car Tracker survey.
Data from wholesale and retail used car values data providers has indicated “signs of a market correction” but hopes remain that any market decline will be minor.
The car retail sector is facing a “perfect storm” of economic and political headwinds as UK inflation hits 7% - threatening to dent consumer confidence.
Growing concerns about the automotive supply chain, a potential energy crisis and consumer confidence crash are feeding fears about the impact of the Ukraine-Russia war on UK car retail.
Auto Trader has reported that used cars are selling at record speeds, despite a continuation of year-on-year value increases.
The Bank of England’s decision to raise interest rates to 0.75% have been criticised for placing “more pressure on household finances” - and will hit the car retail sector's overhaeds too.
Consumer uncertainty is the main hurdle to the car retail sector’s revival after showroom doors reopen on April 12, according to industry leaders.
Cazana’s director of insights, Rupert Pontin, has conceded that February new and used car sales were ‘less promising than expected’ – despite attempts to set the data in a positive context.
Volkswagen Financial Services (VWFS) chief executive, Mike Todd, predicts that - aside from the impact of Brexit - three other key areas will continue to influence the automotive sector’s response post COVID-19.
