Used car buyers less concerned with fuel economy despite rising prices at the pumps
Research suggests buyers are less concerned with economy than they were a year ago.
Fuel economy appears to be slipping down used car buyers’ list of priorities as data suggests it’s now less important to their vehicle search than before.
Data from online car marketplace BuyaCar.co.uk found that customers searched by MPG figures almost 40 per cent less in January 2022 than the same period in 2021.
The findings align with research from its parent company Autovia, which tracks the behaviour and opinions of car owners, finding that vehicle styling and brand image are the most important factors when buying a car.
Motoring groups have been calling on petrol retailers to cut prices for weeks now, with the RAC warning in January that they were not passing on price drops to customers.
Its January analysis indicated that the average cost of a used car rose again, meaning the record price growth seen throughout 2021 is continuing into the new year.
The average price of a used car increased to £17,600, beating the all-time record of £17,400 seen on the site in October last year.
However, it pointed out that five of its most popular models have actually gone down in price compared with a year ago, meaning uyers are simply looking at more expensive vehicles.
Christofer Lloyd, editor of BuyaCar.co.uk, said: “Despite the turmoil seen throughout the wider market over the past 12 months, the trends on BuyaCar are remarkably consistent.
“They also seem to reflect widening differences between customers who take the traditional route of visiting dealers and those who prefer the convenience of researching and ordering entirely online and having their car delivered to their home.”
Other highlights from BuyaCar’s January update include the fact that the site’s proportion of female buyers is the highest it’s ever been at 48 per cent, while women form the majority of buyers in the 18 to 35 age range.
Searches for diesel cars have reached a new record low of 23 per cent, while electric vehicles have hit 13 per cent, just five per cent behind petrol hybrids.
