Study Reveals UK Motorists Spending More Cash on Better Cars Post Lockdown

Study Reveals UK Motorists Spending More Cash on Better Cars Post Lockdown

UK motorists are now spending more cash on better cars now that lockdown restrictions continue to ease, according to a recent study.
After the coronavirus lockdown at the end of March, the motor industry came to a virtual standstill, where factories halted production lines, and dealerships closed their doors.
Even dealers that were still offering an online click and collect or delivery service, such as Boongate Kia in Cambridgeshire were still required to meet social distancing regulations.
However, it appears that now restrictions are lifting, consumers who were actively in the market when the lockdown was imposed, are now in a position to spend more cash.
This has been backed up by the latest figures from a study by BuyaCar, which shows that the average price of a used car in June 2020 was £14,600 – an increase of over £1,000 from this time last year.
“This is likely down to the fact that drivers have saved more money and have had the time to go in-depth with research, and are increasingly looking for a nicer vehicle,” said Boongate Kia Managing Director and car finance expert Andy O’Shea.
“What’s intriguing about this is that prices are being driven by consumer appetite to spend that bit more, rather than paying higher prices forced upon them by the market.”
“Although we do sell more budget-friendly vehicles, which come with exactly the same guarantees and protections, we’re seeing our customers treating themselves to something more expensive, so in that sense, our experiences are lining up with the study.”
“Although the majority of our customers still want to come in and chat, we’re also seeing an increased desire to undertake the car purchasing process entirely online, which means it’ll be important that dealers can offer contactless services, such as the click and delivery service, that we started during lockdown, and live chats and video calls.”

 

Study Reveals UK Motorists Spending More Cash on Better Cars Post Lockdown