eBay's latest Consumer Insight Panel study, conducted immediately after last week’s announcement and polling the views of 2,004 car buyers, found 40% currently searching, or planning to buy an electric vehicle within the next six months will now either delay purchasing, buy an ICE car instead or transition when forced to.
Unaccompanied test drives were the norm during the Covid lockdowns, so processes exist to offer them again if they have been suspended. However, they are not for everyone, as nearly a quarter of buyers want a salesperson in the car to answer their questions. This demonstrates how dealers need to have a balanced approach to their test drive offerings
Prices for the top 20 most searched-for cars on the AA Cars platform rose by just 0.2% in Q4 on an annual basis, compared to a 9.2% increase in the previous quarter. The average price of the top 20 most searched-for cars on the AA Cars site was £16,358 in the final quarter of 2022, compared to £16,319 during the same three-month period in 2021.
Research findings identified soaring energy bills as the biggest concern among buyers, with 74% saying these increases will influence their next car purchase. This was followed by the inflationary impact on goods and services (70%), high petrol and diesel pump prices (68%) and rises in the cost of borrowing (59%) and council tax (57%).
Despite the economic squeeze facing buyers, the fastest sellers of the month were cars listed between £20,000 to £40,000, averaging just 30.5 days on dealer forecourts. In contrast cars priced under £10,000 were the slowest sellers with those listed between £5,000 to £9,999 averaging 48.6 days.
Although the rising cost of petrol and diesel will impact the decisions of 70% of buyers, most say they will go ahead and buy with 28% opting for a cheaper car and 23% a smaller car, while 19% will delay their purchase. However, 31% say these rises will have no effect.
eBay Motors Group’s latest Consumer Insight Panel survey of 2,000 in-market new and used car buyers has identified that over 65s are more interested in talking to dealers to understand the environmental impact of their vehicle choice than younger age groups.
Improved stock inventories were led by franchised dealers where averages per site increased 17% month-on-month to 60.6 units, followed by supermarkets where averages increased 11% to 309 units. Independent dealers saw a more modest increase of 2% to 37 units.
With dealers prepared for strong buyer demand, the Gumtree Motors Car Guides are designed to make the research and buying process as easy as possible for consumers returning to the market or purchasing their first used car.
