The global drop in fuel prices could result in more people buying their next car earlier than planned
A survey of over 1,000 car owners by online car buyer, webuyanycar.com, found a significant number of people are thinking about buying their next car sooner than they had anticipated.
The results show 5% of car owners said the drop in fuel prices has made them think about buying another car earlier than they would have done. Using industry statistics, this could mean up to 485,000 additional new and used cars could be purchased over the next year giving a £4.3 billion boost to the automotive industry.
Over 15% indicated they may opt for bigger and better models and said they’d be less concerned about fuel economy next time they bought a car.
This could also indicate an increase in traffic over the coming year as more than 13% said they’d go on longer journeys and use their car more often.
However, British drivers haven’t abandoned the environment or the need to save cash as over 50% of respondents still think fuel economy is important.
In fact, over 28% of those surveyed said that, when they’re ready to change their car, fuel economy will still rank highly in choosing a specific make and model to buy.
Will fuel prices stay low?
Webuyanycar.com also found a degree of scepticism about the dip in fuel prices with over 30% of respondents saying they thought lower oil prices are a ‘blip’ and the cost of fuel would rise again in the very near future.
Almost 37% will use the savings made by lower fuel costs to boost their savings or spend it on other things.
Rich Evans, head of technical services at We Buy Any Car said: “The last time we saw fuel prices this low was in May 2009. Our survey found that we could see more people using the extra money this puts in their pocket to buy a new car and this can only help new and used car sales this year.
“If fuel prices stay low, it’s likely that more and more car owners will be looking to the forecourts for the car they want next and can afford to run.”
If you're thinking of buying a car this year, check out our handy guide.