This week, What Car? surveyed 1,149 in-market used car buyers to find out more about their experiences in the market: more than half (51%) expect to purchase a car within 4 weeks, and 75% within the next three months.
In comparison, 28% of the 998 new car buyers interviewed were looking at buying within the next four weeks, with another 28% looking to purchase within the next three months.
The research also found that new car buyers have already begun to make the switch to the used market; 29% of used buyers stated that they were originally in the market to buy a new car but have now decided on a used model instead.
What Car? had previously highlighted the growing impact that the microchip shortage has had on the UK’s new and used car market, with 35% of new car buyers “ prepared to turn to the used market due to a lack of new car availability”.
Cost saving was the biggest reason for the change; as 82% of those making the switch from the new market to the used market are doing so to save money, while 17% did so because new car delivery times were too long.
According to What Car?, stock availability is a concern for used car buyers as well, as 62% stated that they are finding it hard to find the right used car.
What Car? commented: “Consumer demand is clearly strong in the industry, following months of lockdown. The challenge is now whether supply can meet it”.