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Latest data from BCA illustrates impact of financial pressures on younger used car buyers
bca.co.uk

New data from BCA, Europe’s largest used car marketplace, highlights the increasing financial pressure on the youngest motorists on UK roads.

Price has always been critical to the youngest used car buyers. But research* commissioned for the BCA Used Car Market Report shows that this has increased considerably in the last year. In 2015, 65% of 17-24 year old used car buyers said that price had the strongest influence on their vehicle search – this was the highest percentage in five years and a 14 percentage point rise on the previous year.

More used car buyers (49%) in the 17-24 year old age group were looking for a good deal when buying their last car than any other age sector. When looking for their next car, 67% of this youngest age group of motorists said price was the biggest overall factor, compared to 58% nationally.

Younger used car buyers were prepared to do more leg-work in finding their ideal used car than most other age groups. 22% said they would visit 3-5 forecourts compared to the national figure of 20%. The youngest motorists were also less concerned about buying locally – 34% said they would only travel 20 minutes or less to buy a car, compared to 42% nationally.

And when it comes to the crunch factors affecting a motorist’s choice of vehicle, insurance group takes the number one spot for 17-24 year olds at 23% - much higher than any other age bracket.

The research shows that younger buyers are more likely to buy a car within the next 12 months than any other age group, but are least likely to be contacted by dealers. None of 17-24 year olds interviewed said they had received a follow up call within the first month from the dealer who sold them their last car, compared to 47% of all used car buyers.

Tim Naylor, Editor of the BCA Used Car Market Report commented. “The in-depth consumer research undertaken earlier this year shows how younger motorists are highly focused when looking for a vehicle. They visit more forecourts than other age groups and look for the very best deal across every aspect of used car ownership, from purchase price to insurance group and running costs. They are also very receptive to low interest deals, being more likely to buy a new car on a 0% finance deal than any other age group.”

He added “These younger buyers are the future for both the new and used car market sectors so it is important that the retail motor industry understands and meets the needs and aspirations of these Generation Y customers.”

Ends

*BCA commissioned TNS-BRMB to carry out research with 4,000 used car buyers in the UK to identify their priorities and experiences in buying and owning a used car. The research was carried out in March 2015. Market volume and value figures were prepared by Emeritus Professor Peter NC Cooke and the Centre for Automotive Management, University of Buckingham.

For further information please contact Maddy Roles, Ally Redding or Wendy Harrison at HSL on 020 8977 9132. bcateam@harrisonsadler.com
or
Tim Naylor on 01252 878555/07710 365023 Email: Tim.Naylor@bca.com

BCA is Europe’s largest used vehicle marketplace, selling over 1 million vehicles annually through physical and digital channels and delivering a range of specialist services including inventory and de-fleet management, logistics, buyer finance, dealer systems and remarketing partnerships.

The BCA Used Car Market Report 2015
Softback, A4, perfect bound, 116 pp. Also available electronically in PDF format.

This press release was distributed by ResponseSource Press Release Wire on behalf of Harrison Sadler in the following categories: Men's Interest, Motoring, Transport & Logistics, for more information visit http://pressreleasewire.responsesource.com/about.