January 5th, 2023, Bhavika Bansal
Despite the rising cost-of-living crisis and a compounding semiconductor shortage, 143,000 new vehicles were registered in the UK in November 2022, making it the best November for the industry since the start of the global pandemic. Though the sector still faces an erratic supply chain, industry leaders say recovery is within reach in 2023.
As the UK accelerates its move toward a greener transport future with an aim to reach net-zero, 2023 is all set to be the year of the EV with many exciting new launches on the horizon – the Audi A6 e-tron, the FIAT Panda, the Kia EV6 and EV9, and the BMW 5 series to name a few. But what does the British market for the next year look like from the consumer’s point of view?
For new car buyers, YouGov Profiles reveals that the most popular price-point in the year ahead will be between £20,001 and £30,000. That’s a level at which 26% of these buyers plan to spend.
As you would expect, the most popular price-point for buyers of certified pre-owned cars is lower. The modal price is between £5,001 and £10,000 and 20% of these buyers expect to pay that much. However, a further 17% plan to spend a little more (between £10,001 and £20,000) on their certified pre-owned car.
For non-certified used-car buyers, two price-points are equally popular. Nearly a quarter of these shoppers (24%) plan to spend less than £5,000 while the same plan to spend between £5,001 and £10,000 on their next car.
Next, we look at the types of cars British car buyers are most interested in for their next purchase.
While more than a quarter of new car buyers (27%) say they are interested in purchasing an SUV, the most popular choice among prospective buyers of certified pre-owned cars (32%) and used cars (34%) is a small car.
Large family/medium saloon/estate cars (24%) are equally popular among all categories of prospective British car buyers, while pickup trucks and mini cars bring up the rear of the list.
The data also reveals some interesting nuances when we look at the type of car engine British car buyers are likely to consider.
Though petrol engines still occupy the top spot amongst all categories of prospective car buyers, they are much more popular amongst Britons looking to buy certified pre-owned cars (57%) and used cars (54%) than amongst those who intend to purchase new cars (48%).
More than a third of new car buyers are likely to opt for an electric (34%) or full hybrid (32%) model, but this number drops quite a bit when it comes to used car buyers (26%). Full hybrid vehicles are the second most popular choice amongst Britons intending to purchase certified pre-owned cars (34%).
Though diesel engines are preferred by over a third of used car buyers (36%) they are one of the least favourite options for those planning on buying a new car (18%), perhaps marking a shift in the car-buying habits of the British public.
Notably, the mild hybrid engine is the least popular version of hybrid engine and is likely to be picked by less than a fifth of British consumers who intend to purchase a new car (17%), certified pre-owned car (17%) or used car (14%) over the next 12 months.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Great Britain is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.