Motorists no longer consider the brand image, make/model or performance of a vehicle to be a top priority, with many motorists focusing on the cost of ownership when considering their next vehicle, according to new research from Auto Trader, the UK’s no 1 motoring website and magazine.
The decline in importance of brand value was underlined when over 40% of motorists said it was now the ‘least important’ factor in a car-purchase decision. Today, the top 5 least important factors for motorists are:
- In car entertainment (47%)
- Colour (46%)
- Brand image (41%)
- Capacity/storage (22%)
- Performance (20%)
The survey, conducted amongst 1,000 UK motorists, shows that the rising cost of fuel is causing motorists to reappraise what is important for their next car purchase. According to the results released today, 71% of motorists believe that the most important aspect to consider when buying a car is still the price, followed by:
- MPG (61%)
- Cost of ownership (58%)
- Fuel type (56%)
- Road fund licence band (53%)
This has changed dramatically since the credit crunch has kicked in, with factors influencing the car purchase decision now very different from those influencing purchase in February of this year. For 100% of respondents in early 2008, price was still the most important aspect, followed by:
- Model (51%)
- Reliability (43%)
- Engine size (39%)
- Cost of ownership (36%)
Auto Trader’s new research highlights a fundamental shift in the attitudes of UK motorists, with nearly one in five motorists planning to change their current car for a smaller, more fuel efficient vehicle, equivalent to nearly 6.5 million motorists. Of those motorists:
- Nearly a third are looking to change their vehicle within the next three months
- 22% are looking to change it within the next six months
- 35% within a year
- 14% within 2 years
which means that the motor industry can expect to see more buyers looking for cheap-to-run cars going forwards.
Motorists are looking to downsize for numerous reasons, including:
- Wanting better fuel economy (88%)
- Lower vehicle tax (62%)
- Cheaper to maintain (45%)
- Lower CO² emissions (37%).
According to the survey, 20% of motorists are unsure about the differences between the road fund licence bands and a further 20% don’t understand the bands at all.
Matt Thompson, Marketing Director at Auto Trader, comments: “It is no surprise that our survey shows that nearly a fifth of motorists, equivalent around 6.5 million UK drivers, are seriously considering changing their car for a smaller, more fuel efficient one, given the current economic climate combined with the confusion surrounding the new tax bands.
“Motorists are no longer persuaded by brand reputation or performance, or even what the vehicle looks like, instead choosing to focus on the cost and ownership, particularly MPG and road fund licence bands, which means that manufacturers and dealers need to start highlighting the running costs for each of their vehicles, rather than its wide choice of colours and spec.”
Auto Trader makes the world of cars easy, with a one-stop-shop of all things motoring – from new and used cars to insurance and finance – along with advice and solutions to help reduce the cost of motoring for everyone.
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Notes to Editor:
• With 13 regional Auto Trader magazines across the UK and the Republic of Ireland, and an expanding online presence through AutoTrader.co.uk, the brand is building a competitive position across all effective channels including print, the web and WAP.
• Auto Trader is owned by Trader Media Group, which also publishes market-leading niche titles such as Top Marques, Bike Trader, Truck & Plant Trader, Ad Trader, Motorhome and Caravan Trader, Farmers Trader, Auto Freeway – all with the largest reach in their sectors, through magazine readership and web visitors.
• Trader Media Group publishes almost 70 titles every week with a combined circulation of 1.5 million and has leading websites for its top titles.
• Trader Media Group, a division of Guardian Media Group, employs over 2,400 people across 35 locations in the UK, Ireland, Italy and South Africa. The Group is looking to expand on its vision – to be the no.1 marketplace for motorists; giving trade customers the opportunity to choose all effective channels to market; building the service and relationship with dealers and manufacturers; and strengthening its portfolio of automotive and specialist classified titles.
• Trader Media Group is jointly owned by Guardian Media Group and Apax Partners, with GMG as the majority shareholder.
For further information, please contact:
Karen Hughes/Caroline Burnell
The Drum Consultancy
Tel: 020 7025 8044
Fax: 020 7025 8100
Email: karenh@drumbeat.co.uk
