It seems that UK motorists are now spending more money on better cars following the easing of lockdown restrictions, according to a recent study.
Following the coronavirus lockdown, which was imposed at the end of March, the motor industry essentially ground to a halt, with car factories stopping production lines and dealerships closing their doors.
Even those that were still offering an online car buying service weren’t able to ensure deliveries would be met because of social distancing guidelines.
However, it seems that with restrictions now lifted, consumers who were looking to buy when the lockdown was imposed, now are in a position to spend more and this has been proved with spending patterns, with the average price of a used car in June 2020 being £14,600 – up more than £1,000 on this time last year.
The rise, according to BuyaCar, which carried out the study, is a result of drivers’ desire for ‘better’ cars. While actual sales prices are lower, the website claims the average price of a car reserved rose to nearly £16,000 – a record level.
Christofer Lloyd, editor of BuyaCar, said: “What is interesting about the prices our customers are paying is that it reflects their appetite to spend more on a car rather than higher prices being forced on them by the market.
“Despite the availability of many more budget-friendly options, which are still guaranteed and protected to exactly the same level as the more expensive cars we sell, it’s clear that our buyers are determined to treat themselves to a little extra.
“This is typically a slightly older car from a more prestigious brand than they may have previously bought, which is a big part of the reason that cars registered in 2015 remain the most popular buys on our site.”
July 13, 2020