More people looking to buy a car

More people looking to buy a car

Figures from a new survey looking at the used car market show that the country's finances may now be better than they were in 2012, as more of those surveyed are showing interest in buying a car in the forthcoming year.

British Car Auctions (BCA) have surveyed 4,000 motorists for their annual Used Car Market Report, and of these, about 14% say they are planning to purchase a new vehicle within the next 12 months. During the same survey in 2012, only 11% responded with this answer.

The editor of the BCA report, Tim Naylor, commented that along with this increase in motorists planning a car purchase, the number saying they definitely won't be getting a new vehicle is down by 2% over 2012. He went on to say that one reason for this rise in planned purchases may be the amount of low interest deals available to motorists in the current market. In fact, 40% of those surveyed said they were looking at a new car purchase on finance.

Buying a new car is good for the used car market, as these cars will within time make their way to the second hand marketplace. Mr Naylor also commented that the report could well be seen as a sign that the economic downturn has abated, and we are now seeing improvement in the financial situation of many households. This all helps to make motorists feel more secure about new cars.

The survey also shows that the amount of households in the UK with two or more cars has risen by 1%. Geographically, the number of two-car households in the North is up to 29%, a huge rise from 2012 where that figure was 16%. In the South West of England, 10% of households now have three or more cars, up from 3% last year.

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