There’s no sign of demand in the car market dipping this New Year, with half (49%) of motorists saying that they intend on buying a car in 2022, according to new research from Close Brothers Motor Finance.
Almost a third (31%) of car owners intend to buy a new car, whilst nearly a fifth (18%) will opt for a second-hand model in 2022, confirming that drivers are keen to be behind the wheel of a new vehicle in 2022. A further fifth (20%) are thinking about buying a new car and 14% thinking about buying a second-hand car.
In fact, previous research conducted in 2021 found that the pandemic prompted a spike in commuters opting to drive instead of using public transport, with well over a third (37%) of UK adults saying their preferred method of travelling to work is by car, compared to just one in ten (12%) who favour public transport. And with the Omicron variant and new Covid guidance from the Government, this trend could continue into 2022 as motorists choose the safety of their own vehicle over taking public transport.
Men are far more likely than women to have firm buying plans for 2022, with almost double the number of men saying they intend to buy a new car compared to women, at two fifths (40%) versus a fifth (22%).
Demand also rises significantly amongst younger drivers, with 45% of 25-34-year-olds intending to buy a new car and 28% planning to buy used. This compares to under a fifth (18%) of over 55s who intend to buy a new car and 7% who intend to buy used.
Greater London comes out on top as the region with the most eager car-buyers, with over half (53%) planning to buy a new car and over a quarter (26%) planning to buy used. This compares to dramatically lower levels of demand in the East Midlands, where just a tenth (11%) plan to buy a new car and a slightly higher amount, 14%, plan to buy used.
And the number of people looking to buy a new car this year could be much higher, as 14% are still undecided. Less than a third (30%) say that they don’t intend on buying either new or used.
Seán Kemple, Managing Director of Close Brothers Motor Finance, commented: “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. The second-hand market is catching up as more people seek affordable options or are deterred by lack of supply and availability in the new car market.
“Despite the high numbers of prospective car-buyers, 2021 saw severe supply issues impact the global motor industry, stunting car sales in the UK and leaving drivers unable to get behind the wheel of their desired vehicle. 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. 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.”
