Price continues to dominate key considerations for UK car customers

Price continues to be the obvious driving factor behind purchase consideration for UK car customers, according to new research from Close Brothers Motor Finance.

Over three quarters (77%) of those surveyed said price is the most important thing for customers.

It’s not a particularly shocking revelation, but the data does show that areas like fuel type, running costs and efficiency are still less determining factors, despite the new car market’s trajectory towards electric vehicles.

The latest Forecourt Foresight research, which asked 133 motor dealers what their customers look for when making a vehicle purchase, found that, in addition to the question of finance, almost six in ten (59%) dealers say the mileage on the clock is a key consideration.

Less than half (45%) say the manufacturer and model of the vehicle is most important.  

What dealers say is most important to their customers when buying a vehicle: 

• Price - 77%
• Mileage - 59%
• Manufacturer and model - 45%
• Compliance with schemes such as ULEZ - 30%
• Running costs (e.g. servicing and road tax) - 29%
• Fuel type - 11%
• Efficiency (e.g. miles per gallon/kWh) - 11%
• Size - 8%
• Colour - 3%

Lisa Watson, director of sales at Close Brothers Motor Finance, said: “Though it’s unsurprising that price would be the critical factor for prospective car owners, our latest Forecourt Foresight research reminds us that so many drivers walk a precarious financial tightrope and are having to juggle numerous considerations just to balance the books in their personal finances.

“Though there are signs we’re emerging from the cost of living crisis, the financial burden for drivers continues to grow with the continued rollout of anti-motoring governmental schemes such as ULEZ.

"It’s vital that dealers remain aware of challenges and costs, and utilise the tools and insights at their disposal to ensure their forecourts are best stocked to meet the demands of their customers and at the same time maximise their profitability."