Recently obtained data suggests that three out of four consumers do not see the point in waiting for new registration plates when looking to purchase a new car.
The results indicate that the periodic increases in new car registration activity in the months of March and September is a result of fleet, manufacturer and dealer action.
These two months are consistently responsible for around a third of the total of new cars registered each year. However, approximately 77% of the 1,000 new car buyers who were surveyed claimed that they were not willing to delay their purchase simply to have the latest number plate available. Furthermore, the remaining new car buyers stated that their decision to wait for the new registration plate was due to practical reasons, and not because of image related purposes.
These figures clearly represent a separation between new car registration activity and patterns of demand seen in the market. In the case of the used car market, Creditplus, the UK’s leading online car finance provider, have seen a similar uplift in the interest of consumers looking to purchase a used car. With a 29% increase in applications between January to October this year, this is a significant increase in new customers who wish to opt for a slightly older model of car, instead of something brand new and potentially beyond their individual budget constraints.
Although Britain’s car market remains steady despite June’s referendum results, it is important not to focus on the spiking trends associated with new plate registrations as they may not accurately represent the markets growth patterns.
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