Global consumers’ car purchasing journey: 2023
December 7th, 2022, Janice Fernandes

Global consumers’ car purchasing journey: 2023

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