Fuel price fall may encourage car sales
A survey by We Buy Any Car found falling fuel prices meant a significant number of people would think about buying their next car sooner than planned.
The research found 5% of car owners asked said the drop in fuel prices has made them think about buying another car earlier than they would have done.
Using industry statistics, this could mean up to 485,000 additional new and used cars could be purchased over the next year, which would the automotive industry a £4.3 billion boost.
Over 15% of car owners also indicated they may well opt for bigger and better models and said they’d be less bothered by fuel economy next time they bought a car.
The decrease in fuel prices signifies an increase in traffic, as over 13% of car owners thought they’d go on longer journeys and use their car more often.
Despite the fall in fuel prices, British drivers have not abandoned the environment or the need to save cash. Over 50% of respondents still think fuel economy is important, while over 28% of those surveyed said that fuel economy will still rank highly in choosing their new car.
webuyanycar.com’s research also found that there is scepticism about the dip in fuel prices, as over 30% of respondents said they thought the cost of fuel would rise again in the very near future.
Almost 37% of all respondents to the survey will take the savings made by lower fuel costs to boost their savings or spend it on other things.
Rich Evans, head of technical services at We Buy Any Car said, ‘The last time we saw fuel prices this low was in May 2009. Our survey found that we could see more people using the extra money this puts in their pocket to buy a new car and this this can only help new and used car sales this year. If fuel prices stay low, it is likely that more and more car owners will be looking to the forecourts for the car they want next and can afford to run.’