But fuel prices take their toll
Two thirds of used car buyers intend to purchase a car within the next six months despite soaring fuel prices and the impact of the credit crunch, a new survey by Exchange & Mart has revealed.
The 1,000-strong survey also showed the remaining 35 per cent of respondents were considering making a purchase, but not necessarily within six months, indicating the research period by potential car buyers could be longer than many dealers believe.
Debra Healy, digital director at Exchange & Mart, said:
“The price of fuel and changes to vehicle excise duty are both taking their toll on used car buyers.” She added that fuel efficiency is becoming a more important factor for would-be buyers.
With SMMT Q1 figures showing a marginal 1.1 per cent drop in used car sales, and March sales faring worse, Healy said Q2 results would give a clearer idea of how the used car market is performing.
“While price is always an underlying factor influencing the decision to purchase, buyers will be looking to find the best package, as well as the best price. Savvy dealers need to make sure they can respond appropriately and quickly to market demands, offering buyers long-term value, as opposed to simply slapping a bargain price across the windshield.”