Average car buyer purchases near £20,000
The average UK car buyer spent nearly £20,000 on their current vehicle, according to new research carried out by day insurance provider Tempcover.
It analysed data from 2,000 motorists, with the average purchase price recorded at £19,703.
Interestingly, younger buyers tended to spend more on their car, with 25-34-year-olds paying £24,492 and those aged between 18 and 24-years-old investing £23,704. In contrast, those aged 55 to 64 spent an average of £15,449.
The research also found that 44% bought their car brand new, while 55% bought a used car.
Dealerships
Meanwhile, 49% bought their car from a main dealership, 29% from independent dealers, seven per cent online, and five per cent from a private seller.
Cost was the main consideration for 52% of car buyers, followed by reliability (41%), practicality (33%), fuel efficiency (31%) and mileage (23%). Environmental impact was a major concern for just seven per cent of those surveyed, with only 18% saying they planned to go full electric with their next purchase; petrol was the most popular option (37%), followed by hybrids (21%).
Claire Wills-Mckissick from Tempcover, said:
“Despite cost-of-living pressures, cars remain a priority for many drivers. While price matters, most are looking for reliability and long-term value, even if it means paying a little more.”
