New car buyers planning to splash out

New car buyers planning to splash out

From the results of a new survey, we see that over 25% of motorists are preparing to fork out over £25,000 on the next car they buy.

The survey in question is the Car Buying Index from Motoring.co.uk, the second time it has been run. In last year's survey, around 23% of motorists were planning on spending over £25,000 on the next car the buy. However, the figure this year has shot up to 27% of drivers surveyed. In the rest of the survey, we see that 24% of drivers were planning to spend over £10,000, 22% planning to spend over £15,000, 14% over £20,000, and 13% more than £5,000.

The amount of money being spent on next vehicles is thought to be high because drivers are aiming for better technology than their current vehicle, with the idea that the increase in power, safety and reliability that comes with newer technology will make their new car a sound investment. Also, as newer cars tend to be more economical, they hope to stand to save when filling up too.

The number of drivers planning to use loans and finance products to cover the cost of their new purchase has doubled since last year's survey. This equates to 18% of those surveyed, and of drivers planning to buy a premium brand, this goes up to 23%.

The majority of motorists surveyed, 20%, are setting their monthly automotive budget at between £200 and £249, with 19% aiming for between £150 and £199, 15% between £250 and £299, 13% between £300 and £349, 11% over £400, 10% aiming for between £100 and £149, and 6% between £350 and £399.

The biggest plus for car sellers to take away from the survey is that 77% of those surveyed are planning to buy their next car in the next 3 years. This is up from 72% in last year's survey.

---

---