Consumer confidence at 12-month high
New research has revealed rising consumer confidence with more than half of motorists saying they are positive about buying a used car this month.
The data found that 57% of those surveyed were optimistic about purchasing a used car during August.
This is the highest percentage since August last year, with eight per cent of consumers saying their personal finances have improved since then and 26% admitting they have worsened.
But despite increasing consumer confidence, money remains the number one factor for prospective car buyers with cost still the primary concern for 69% of those surveyed.
Paul Burgess, CEO at Startline Motor Finance, said: “This is good news. While the used car market has been relatively buoyant over the last year, there have definitely been moments where we could see some weakening in consumer confidence in our data. In January, for example, net positive sentiment was as low as 38% but since that point, we have seen a consistent upwards trend.”
He continued: “In some ways, the 26% fall is more significant than the eight per cent gain. For a period of time over the last 12 months, a majority of people in our research felt their finances were on a downward spiral but that seems to have improved substantially. In fact, the percentage of people saying their finances are worsening has halved in that time.
“But there is also some subtlety to their views. They are concerned about the costs of insurance, servicing and tyres, but have become less concerned about the price of fuel.”
