Car buyers delay next purchase as uncertainty rises
More than a third of car buyers are delaying their next purchase, with many citing the conflict in the Middle East as a key reason.
According to latest Consumer Insight Panel survey carried out by Cazoo & Motors, 38% of more than 2,000 motorists questioned said they have decided to postpone buying their next car, with 56% saying uncertainty caused by the conflict influenced their decision.
The average length of delay is 8.5 months.
Lucy Tugby, marketing director of Cazoo & Motors, said: “Uncertainty over the impact the war in the Middle East will have on the UK is understandably prompting some buyers to put their next car on hold until there is more clarity.
“It is not unusual for big ticket purchases like cars to be delayed in times of uncertainty and this is being compounded by rising energy and fuel prices.
“However, it is encouraging to note an increase in the number of buyers planning to purchase a car in the next 12 months, compared to last year. This makes it even more important for dealers to factor in affordability and cost of ownership in their conversations with customers and highlight fuel efficiency whenever it is appropriate.”
