Price is all-important for younger car buyers

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 per cent 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 per cent) 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 per cent of this youngest age group of motorists said price was the biggest overall factor, compared to 58 per cent nationally.

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