According to eBay Motors Group's latest Consumer Insight Panel, almost half of the more than 2,000 motorists surveyed said they plan to purchase a vehicle this year. The study found that one in 10 respondents had already started looking or planned to do so in the next month. Meanwhile, 26% expected to start their search from July onwards.

The research revealed that parents with young children and under-35s were most likely to start looking for a vehicle this year, with 51% and 50%, respectively, stating their intentions. However, 24% of respondents expect to start searching in the next one to two years, while 17% expect to do so in two to three years, and another 17% in three years' time.

The study also found that almost half of those surveyed (47%) said they expected to pay for their next car on a monthly basis, a 25% increase on those who currently do so. Furthermore, 27% of respondents expected to pay monthly using finance, up from 23%, and one in 10 buyers expected to use a monthly car subscription to finance their next car. Monthly leasing agreements were also popular, with 11% of respondents planning to use one. However, the number of buyers planning an outright purchase declined to 53%, compared to the current level of 62%.

Lucy Tugby, marketing director of eBay Motors Group, said that the research revealed a strong appetite among car buyers, especially young parents, to search and purchase vehicles in 2023, which would be welcome news for all car retailers. She added that changing attitudes towards funding cars are helping to inform some of these decisions, with almost half of all buyers now expecting to pay for their car on a monthly basis, enabling them to budget accurately while controlling their household outgoings. She urged dealers to take advantage of the opportunity presented by this trend and to provide clear and consistent information online and in showrooms for each car they sell, highlighting finance options as a key selling point.

You can read the full article on the Car Dealer Magazine Website