Survey: Saving Money Tops Reasons For Buying Used Cars In 2024

In a recent survey conducted by The Motor Ombudsman, it was discovered that the primary factor driving consumers towards purchasing used cars is the desire to save money. A significant 58% of participants identified cost savings as their main motivation. Additionally, the avoidance of the initial depreciation cost associated with new cars is a crucial consideration for one in four respondents. This insight into consumer behavior highlights the financial considerations at play in the used car market.

The study further delves into preferences regarding the type of used car consumers are inclined to purchase. Petrol vehicles emerged as the top choice, with 46% of potential buyers favoring them. Hybrids also showed strong preference at 26%, while electric vehicles (EVs) are slowly gaining traction, accounting for 10% of intended purchases. In light of these findings, The Motor Ombudsman has introduced an online Used Car Buying Guide. This resource aims to equip consumers with essential information, covering aspects such as test drives and extended warranties, to make well-informed decisions.

The poll shed light on demographic trends, revealing that females and individuals aged between 25 and 34 are particularly inclined to purchase used cars as a means to economize. Moreover, the research uncovered a strong preference for buying from established retailers over private sellers. Nearly half of the respondents (48%) expressed that purchasing from a brick-and-mortar retailer provides added reassurance through pre-sale checks on the vehicle. Additionally, buying from a retailer not only offers more legal rights but also facilitates access to dispute resolution services through The Motor Ombudsman.

Other highlighted advantages of purchasing from a retailer include the ability to review a car’s history and the option to buy extended warranty agreements. This preference underscores the value consumers place on reliability and legal protection in their transactions.

The survey also provided insights into the types of vehicles preferred by used car buyers. Petrol cars lead the preference list at 46%, followed by hybrids at 26%, and diesel vehicles at 17%. Electric vehicles, while still a smaller segment of intended purchases at 10%, indicate growing interest in more sustainable automotive options among consumers.

The Motor Ombudsman's initiative to publish a Used Car Buying Guide in response to these findings reflects a commitment to supporting consumers through their purchasing journey. By offering guidance on key considerations and practical advice, The Motor Ombudsman aims to enhance consumer confidence and informed decision-making in the used car market.

In conclusion, this survey by The Motor Ombudsman underscores the significant role of financial considerations in driving consumer choices in the used car market. With insights into vehicle type preferences and buying behaviors, The Motor Ombudsman's Used Car Buying Guide serves as a valuable resource for prospective buyers seeking to navigate this complex landscape with confidence.