Eight in ten car owners are holding on to their motor for longer and HALF of us are thinking about getting something smaller - here's why
Ad Feature by Cazoo
We’ve all changed a lot over the past few years. Having experienced a fair few sea changes - from Covid to the cost-of-living crisis - it's given many of us the opportunity to re-asses what’s important and what we spend our time and money on.
That includes everything from the smallest purchases to the largest. Take car buying - an exclusive survey for Cazoo has found that more than three quarters of us (79 per cent) are more likely to keep our current car for longer than would have done a few years ago.
Young drivers appear to be particularly inclined to hold on to their car for longer, with 88 per cent saying they plan to do so. This compared to 72 per cent of those in the 45-59 age group.
Sitting tight: 79 per cent of us are more likely to hold on to our car for longer than we would have done a few years ago
And when choosing our next car, over half of us (51 per cent) would consider downsizing to something cheaper to run.
Most certain about their intention to downsize were those in Norwich (63 per cent answering either possibly or definitely), most certain they wouldn't be were those in Plymouth (68 per cent answering no).
Why the change?
When asked what had changed their attitude to buying and selling a car in the past five years, exactly half said that the cost of living was to blame.
Other popular reason included the rising price of used cars (23 per cent), as well as covid (18 per cent), the rise of electric cars (17 per cent) and more working from home (16 per cent).
Trouble at the pump: Over half (61 per cent) of those holding on to their current car said that the cost-of-living crisis was the reason
On the other hand, a number hadn't had a change in attitude at all (28 per cent overall) - especially in Plymouth (44 per cent). It appears that folks are stubborn down south!
Of those who said that they will keep their current car for longer than they would have done a few years ago, the main culprit also appeared to be the cost-of-living crisis. More than half of the people quizzed (61 per cent) said that this was the case.
This was followed by the high price of used cars (38 per cent) and the availability of new cars (21 per cent).
Sticking with old faithful
As more of us hold on to our cars for longer, how long is normal exactly? How long do people traditionally keep a car before selling or trading it in for a different model?
Well, the answer is around 5.2 years on average - according to the survey. That's over half a decade of riding around on the same wheels before thinking of moving on.
The average Brit holds on to their car for 5.2 years on average, according to the survey
And the clearest indicator of how long you hold on to your car appears to your age. The older you are, the more likely to keep your trusted motor.
Those in the 60+ category keep their car for 6.2 years on average, compared to just 4.1 years for those who are in their twenties or younger.
A few other game changers
Are you a two-car household that's considering going down to just one? You're not alone.
From the two-car households surveyed, just under half (48 per cent) said that they are possibly or definitely planning on selling one of them due to the cost-of-living crisis.
Cutting costs: 48 per cent of people in two-car households are considering reducing to one
And what of the EV revolution that's slowly sweeping the nation? When asked if they're holding on to petrol or diesel cars until the price of EV cars comes down to make the switch to electric, over half responded in the affirmative (55 per cent).
But what does all this mean for car buying and selling at large? These changes are sure to have their impact... and sooner than you may think!
Of those surveyed, 70 per cent suggested that they are planning to buy a car within the next 12 months. Of these, a majority (66 per cent) said they'd be opting for a used model. Could it be your time to trade up?
A better way to sell your car
Moving on to your next model has never been simpler than with help from Cazoo
Cazoo makes both buying and selling a car easy – and you can do it all from your sofa.
To sell, go online to get an instant valuation that's guaranteed for seven days. Accept the offer and you can either drop your car off at a Cazoo Customer Centre or, for a fee, have it collected from your home.
Part-exchange is just as easy – simply use the valuation for your current car as part-payment towards the car you want on the Cazoo website. Everything can be done online and, for extra convenience, you can arrange financing at the same time.
On handover day your old car will be taken away as your Cazoo car is delivered or collected, so the whole process couldn't be simpler.
Click HEREto find out how much your car is worth – you may be surprised!