F&I Management & Training

The credit crunch is forcing over three quarters of motorists to put off their next car purchase.

Drivers told uSwitch.com, which conducted the survey, that the current financial climate would impact the purchase of their next vehicle, while over a quarter said they wouldn't be able to afford a new vehicle at all.

Only 18 per cent said they were confident they would not have to change their future car buying plans.

Of those planning to buy a car, 15 per cent are set to spend around £3,000 less and 4 per cent who would typically buy a brand new car said they would be shopping second-hand instead.

Nearly half of the drivers surveyed said they were planning to hold onto their current car for longer than planned.

Ashton Berkhauer, insurance expert at uSwitch.com, said: "Our research shows the potential size and scale of the slowdown in car sales as Britain's motorists react to a looming recession.

"Some consumers are writing themselves out of the car buying market entirely, some are reducing their planned spend, while others are aiming to ride out the storm by holding onto their existing model for as long as possible.

"These are all strategies that will help consumers cope, but the impact they could have on both car sales and manufacturing could be huge."

DATED: 06.11.08

FEED: MT