Over half (50.8%) of car buyers in the market are looking to place an order or buy a vehicle before the end of 2022, research by What Car? has found.
The research of 1,328 in-market buyers found 60.3% of used car buyers were looking to buy before next year, while 41.6% of those researching a new car purchase were expecting to place an order before December 31.
Of the buyers delaying until next year, 32.6% said they were doing so to wait for better offers on cars they’re interested in, while 20.2% said they are waiting to save more. Another 15.4% stated they are waiting for their lease to end.
Steve Huntingford, What Car? editor, said: “While demand for new cars is on the rise again, it is noteworthy that most buyers delaying their purchase until next year aren’t doing so because they’re waiting for a new model to come out, but rather to save more or with the hopes that better deals can found.
“Rising energy prices and cost of living is the next big hurdle for the industry and has the potential to reverse the little growth seen at the tail end of this year.”
Used car values declined 0.4% month-on-month (MoM) but remained 45% ahead of pre-pandemic “norm” during November, according to the latest data from Auto Trader.
Used car retailers were urged to be aware of the “risks around affordability” as motorists seek out older, more affordable cars to mitigate against the continued rise in values.
What Car?’s research also found 28.2% of new car buyers were looking to buy a fully electric car as their next vehicle. Just 6.11% of used car buyers are looking at a fully electric vehicle as their next car.
The Society of Motor Manufacturers and Traders (SMMT) said that new car registrations were being energised by electric vehicle (EV) uptake as November delivered 23.5% year-on-year (YoY) growth.