Half of UK motorists plan to buy a car in 2022
Around 49 per cent of UK motorists plan to buy a car this year, according to research from Close Brothers Motor Finance (CBMF).
A third of car owners have stated they will go for a new model, while 18 per cent have said they will buy second-hand.
As a result of the pandemic, UK adults went back to choosing cars as their preferred means of transport, with demand for new vehicles rising especially between men and 25 to 34 year olds.
“Demand in the car market has been strong throughout 2021, both for new and used vehicles, and this trend looks set to continue in 2022 with more car owners planning to buy a car than not,” said CBMF’s managing director.
Exceptional levels of consumer demands as well as ongoing supply chain issues have driven the price of used cars 30.5 per cent up year-on-year, making December the 21st consecutive month of growth for the second-hand automotive market, City PM reported.
The UK automotive output also declined 28.7 per cent in November to 75,756 units produced, worrying experts.
“The manufacturing delays are unlikely to ease up in the first part of the new year, meaning that stock levels may not be able to meet the demand,” added Kemple.
“Car-buyers need to be prepared to shop around if there is limited stock or long waiting times for the car they want, and speak to car dealers to ensure that they’re getting the right model, engine type and finance option for them.