July 29th, 2022, Janice Fernandes
Despite the recent dip in fuel prices in Britain, prices are still significantly higher than last year. As inflation continues to rise, we look at what Britons intend to do in the next 12 months in terms of purchasing or selling their car.
According to data from YouGov Global Automotive Profiles, as of June 2022, over half of Britons (57%) do not expect any change in their car ownership status or car insurance in the next 12 months.
Among the activities consumers do expect to do in the next 12 months, the most popular is switching their car insurance company (12%).
Even though 19% of Britons say they are most likely to cut back on automotive spending, data indicates that only around one in 20 Britons are looking at selling their car (6%) in the near future. Perhaps it’s no surprise to learn, then, that an identical proportion of consumers also see themselves as owning a new car (6%).
Among those intending to make a purchase in the next 12 months, buying a certified pre-owned car (10%) is the most popular choice. Fewer than one in ten Britons also intend to buy a used car (7%) that’s not a certified pre-owned car.
Only 2% of Britons intend on trading in a car bought on finance for a new one, indicating that most others seem content in keeping the same car and paying out the loan – for now at least.
Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for UK is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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