First time buyers favour new models
New research has identified a change in the way new drivers look at buying their first car, due to the range of attractive finance packages now available from dealerships.
VoucherCodesPro surveyed more than 2,000 drivers aged 18 and over with a full UK driver’s licence and who were planning to a buy a car for the first time within the next six months. The average amount they were looking to spend was £6,500.
Some 52% said they were planning on buying a car less than three years old on finance or through a leasing agreement, instead of an older used model. While the vast majority said they would prefer a brand new vehicle, 89% said they could not afford one.
The top five reasons for wanting a newer car were:
Maintenance costs are far less – 27%
There are great finance options available – 24%
I will have more status among my friends and peers – 19%
I don’t trust used cars sellers – 17%
I want a more reliable car – 7%
“The age of the first time banger is fading quickly,” George Charles of VoucherCodesPro said. “Granted, they used to be a good idea; a cheap car you could drive until the engine fell out and then just drop it in the scrapyard certainly had an appeal. But these days cars are so much cheaper, with multiple finance options for all people with different incomes.”