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New-Ford-Fiesta-Large numbers of motorists who held onto their ageing cars in the downturn are looking to buy new. That’s one of the findings of a survey conducted by Experian which found that 43% of motorists wanted to replace a vehicle that was beyond economical repair. A third (31%) of motorists wanted to change their car to cut the cost of motoring.

This was driven mainly by the over 55s, who were most likely to replace a car to reduce running costs (36%), while this was the case for only 20% of 18-24 year olds.

Andrew Ballard, principal consultant at Experian Automotive, said: “A reluctance to take on additional financial responsibilities has reflected the mood among car buyers for a long time, but we have seen both used and new cars sales grow significantly over the past year.

“While running costs still play a role, a desire for change came out as a bigger driver. For the motor industry, this research highlights the need to understand who is looking to change, and for what reasons, so that they can better meet the needs of those car buyers and create lasting relationships.

“Factors such as cutting current costs down or reluctance to take on additional financial responsibilities reflect the current mood among a growing number of car buyers.”

Source: Motor Trader

Posted by Sue Robinson on 19/09/2014