A substantial 45 per cent of motorists are happy to buy a car simply because they want to be able to “drive something new or different”, research from Experian has discovered.
Despite slowing wage growth, “a desire for change” is the number one reason for replacing a car amongst motorists. These findings came from a survey of more than 1,000 British drivers conducted by the information services company.
Those in Wales were found to change their cars more regularly than those in any other region, though Yorkshire topped the list as the place where most people simply bought a car because they “fancied a change”, with 57 per cent citing it as their main motivator.
We have seen both used and new cars sales grow significantly over the past year. While running costs still play a role, a desire for change came out as a bigger driver.
However, a large proportion of drivers had more logical reasons to update their car in mind; a total of 43 per cent said that their car was beyond economical repair and needed to be replaced, which suggests that a significant number of drivers may be holding onto their car for longer, in the face of squeezed budgets.
Cutting the costs of running a car was also a significant factor for 31 per cent of drivers, the survey found. Older drivers were much more likely to update their car to reduce their outgoings, with 36 per cent of over 55s citing costs as a key reason compared to just 20 per cent of 18 to 24 year olds. Drivers in Northern Ireland were nearly twice as likely to change their car to cut costs compared to those in the North East at 44 per cent compared to just 23 per cent.
Andrew Ballard, principal consultant at Experian, said: “A reluctance to take on additional financial responsibilities has reflected the mood among car buyers for a long time, but we have seen both used and new cars sales grow significantly over the past year. While running costs still play a role, a desire for change came out as a bigger driver.”
Picture: dmitri maruta
September 19, 2014