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Car buyers still out there despite recession

Study reveals car buyers still interested

Research from Yahoo and the Society of Motor Manufacturers and Traders Ltd (SMMT) reveal that despite the recent drop in new car sales drivers still plan to buy a new car.

A sample of over 6000 users across Yahoo! UK showed that 38 percent planned to buy a brand new car and 62 percent said they were more inclined to buy a used car. Respondents to the survey revealed when looking to purchase a car, the main criteria would be cost (31 per cent), reliability (21 per cent), safety (11 per cent) performance (11 per cent) and a trusted brand (6.5 per cent).

The Government scrappage scheme announced last week which will be introduced in mid-May would see owners of cars older than ten years given the option to exchange their car for a £2000 discount on a brand new one. Respondents to the survey were asked how attractive such a scheme would be, 46 per cent revealed that this would motivate them to participate and purchase a new car.

SMMT chief executive Paul Everitt said, "The vehicle scrappage scheme is excellent news for consumers and will kick-start demand in the market. Evidence from across Europe, where these schemes have been successfully running for several months, shows that this kind of government support has a strong impact on consumer confidence. In addition to those taking advantage of the scheme, it encourages those who may have been delaying their purchase to go out and buy their new car today."

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