Young drivers may lead to ownership changes with buying preferences
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Experts at GoCompare found that the younger the driver, the less likely they are to buy a new car. In total, three-quarters (75 percent) of Generation Z drivers have said they only buy used cars.
Similarly, 54 percent of millennials and 60 percent of Gen X drivers also tend to opt for vehicles that have been pre-owned.
This percentage reduces as the population ages, with half (50 percent) of baby boomers and only 39 percent of the silent generation (those born between 1928 and 1945) saying they prefer buying used cars.
The rapid rate at which a new car loses its value is one of the major deterrents for young drivers looking to purchase a vehicle.
Shockingly, 100 percent of the Gen Z drivers in GoCompare’s survey said they wouldn’t buy a car that depreciates quickly.
The current financial climate has also impacted this generation’s buying habits considerably, with one-third of young drivers reporting they will no longer purchase a car because of the poor economy.
The older generation has been affected even more, with 42 percent of the silent generation changing their minds about purchasing a car because of the cost of living crisis.
In fact, tighter finances have had an impact on car buyers of all ages.
Only 22 percent of drivers have the same budget as before the cost of living crisis, with 20 percent completely changing their minds about buying a new car.
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A further 26 percent said that the state of the economy has swayed them to search out a cheaper alternative.
Only 24 percent of motorists say the current climate has not impacted their car buying habits at all.
Car buying preferences also vary across different parts of the country.
Drivers in the South East are the keenest to hunt out a bargain, with 90 percent choosing a used car to save cash.
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Those in Wales and the East Midlands are the least likely to buy a new car, with only 15 percent of drivers in these regions saying they typically purchase a brand-new vehicle.
Meanwhile, 30 percent of drivers in the North West would still buy a new car even if it meant paying more.
Ryan Fulthorpe, car insurance expert at GoCompare, said: “We can see that many motorists, particularly young drivers, have future finances in mind, with the majority being persuaded to buy a nearly-new or used car if it saves money.
“Of course, when purchasing this type of vehicle, it’s vital that drivers conduct the right research and ask the right questions to ensure they’re getting the best deal.
“This includes checking the full-service history, the number of previous owners, length of the warranty, fuel economy, and any previous accident damage, to name a few.
“Inspecting the vehicle thoroughly will also help to protect drivers from nasty surprises later down the line.”
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