October 4, 2008

A survey conducted by Michael Winner’s employer esure has revealed that UK drivers have lost their appetite for a new car.  The figures published today reveal that almost half (48 percent) of UK motorists are being forced to consider downsizing to one vehicle per household, as they look to reduce costs of motoring.

In addition to this, motorists are also putting of buying a new car for longer.  A depressing 71 percent of drivers surveyed said that they are not considering the purchase of a new vehicle in order to save money.  At the same time 58 percent of those surveyed said the slump in value of used cars was a reason for keeping their current vehicle for longer.

Regional Differences

Drivers in the North East are economising more than any other region, with 59 percent of those polled looking to reduce the number of cars in their household, compared to 41 percent of motorists in the North West.

Gender Divide

There were few surprises when the poll revealed that men are much more likely to splash out on a new motor than women.  Almost three quarters (74 percent) of females surveyed claim they would wait longer before upgrading in order to save their pennies, compared to 67 percent of their male counterparts.

The news will be disappointing for anyone who works in car sales, or is looking to sell their car.  It does offer a good chance for those with low value cars a good chance to upgrade their vehicles cheaply.  The change in VED due to take effect next year will also make some older cars more valuable, if they were registered before March 2001 as they will not be affected by the new VED regulations.

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