Brits ready to spend lockdown savings on new car, survey reveals
Is it about time you treated yourself to a shiny new set of wheels? With us Brits racking up a total of £18 billion in savings during the pandemic, it seems many of us are getting ready to splash our cash on a new car.
In fact, a total of 41% say they’re considering it, according to new research from Auto Trader.
Savings
The poll found that 70% of us have saved money by not eating out in the past year, with over half banking excess cash by not going away on holiday.
Over two-fifths (41%) have saved more than £1,000 in the past year, with around 15% saving over £3,000 – suggesting lockdown restrictions have clearly limited people’s spending opportunities.
Erin Baker, editorial director at Auto Trader, said: “Even as we come out of lockdown, people are wary of rushing back to the ways we used to live.
“Eight per cent of car buyers are keen to have a car to avoid public transport, for example, so we’re certain interest in car buying will continue to grow.”
The firm reported a record March for online activity, with almost 300 million adverts viewed. It expects a record-breaking number of leads and sales when forecourts reopen.
Tips for buying a new car
If you’re looking to treat yourself to a new car – here’s our top tips to bear in mind:
- Suitability – consider what you need the car for; city run-around, or longer journeys? Does it have car seat fittings, how much boot space does it have?
- Buy ex-demo – You could bag yourself a bargain with a car typically only used for test drives at dealerships. They may have a few thousand miles on the clock – but they’ll be kept in great condition.
- Read the small print – Understand the associated terms and conditions of buying the car to get your rights and obligations straight.
- Optional extras – Be careful with additional features like sunroofs or alloy wheels. They increase the price of your car but may not increase its resale value.
- Work out your budget – If you take out a finance agreement, make sure you’re able to make the monthly payments. Always factor in insurance costs as well.
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