December 7th, 2022, Janice Fernandes
As the new year soon approaches, we look at the global consumers’ car purchasing journey in the next 12 months. Data from YouGov Global Automotive Profiles shows that 33% of consumers are interested in purchasing a new car in the new year. Slightly fewer consumers say they expect to purchase a used car (30%) or a certified pre-owned car (28%) in the coming year.
The proportion of people who say they intend to purchase a new car in the next 12 months is highest in Malaysia (65%), Saudi Arabia (62%) and Japan (61%).
Nearly two-fifths of Americans indicate that they will look at buying a used car or one that is certified after complete inspection and repairs (38% each). Among Americans who intend to buy a new or used car next year, 21% plan to do so within six months.
In the UK, switching car insurance is the top priority with over a third of consumers (36%) picking it as the activity they most expect to do in the next 12 months, perhaps a fall out from rising inflation in the country. It’s currently running at 11.1%. The proportion of Britons who expect to purchase a new car in the next year (17%) is slightly more than the share of those who intend to sell their car (14%).
In terms of the type of car global consumers intend to purchase within the next 12 months, petrol cars still makeup more than half the share (57%). However, a third of global consumers (31%) are considering electric cars.
Petrol cars take the top spot in UK (67%) and US (63%) too. Full hybrids are the next most popular choice (41% and 38% respectively) outpacing electric vehicles (37% and 29%).
With 17% of global consumers buying their last vehicle online in 2022, we see the rise of digital purchasing options evolving the car buying experience in 2023.
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Photo by Lorenzo Hamers on Unsplash