Many people are opting to buy a new car in order to save money in the long run.
There are many reasons why people choose to check out the latest new car offers, with wanting to drive a fancier motor and buying a dream car as a treat among the main reasons.
However, with the effects of the recent economic downturn still on many people's minds – and indeed still impacting their lives – it seems individuals are giving special consideration to finances when it comes to buying a new car.
This does not just mean the amount they are spending on the initial purchase, but also the various ways in which buying certain cars can save them money in the long run.
According to new research carried out by marketing solutions provider St Ives Group, almost half of motorists who are beginning the process of buying a new vehicle are doing so because they hope it will save them money further down the line, with 18 per cent of those questioned claiming they are determined to own a car that is more economical to run.
The study centred on the views of around 1,000 motorists, who were quizzed on various aspects of the purchases they have recently made. These included the make and model of the vehicles – with particular emphasis placed on how these choices differed to the ones they had made in the past.
Respondents were also asked details about the information they wished to receive when progressing through each step of the decision-making process.
Stephen Scales, principal at Incite, a division of St Ives, explained the findings are significant because they show people are taking economic factors into account when deciding to make their next car purchase – and this is something that sellers should keep in mind as they try to attract buyers.
He stated: "News that the UK economy grew by 0.7 per cent in the second quarter of 2013 will have been music to the ears of many industries – specifically car manufacturers, which saw production slashed during the downturn.
"Yet our research shows people are still in the mindset of saving money.Many are more interested in buying a car that is cheaper to run. Although the economy appears to be growing, confidence has not completely returned and buyers are still looking for affordable options."
The expert pointed out the automotive industry has been increasingly turning its attentions to more efficient performance in recent years – and the findings of the survey appear to show the sector is correct to place more focus on this aspect of motoring.
It was put forward that customers can therefore be attracted to buy a certain model if car sellers are able to highlight this trend to would-be buyers, explaining to them that paying the necessary costs to get behind the wheel of a motor in the first place will prove a more cost-effective route to take further down the line.
The research also highlighted the power of marketing, with 17 per cent of those questioned claiming they were encouraged to buy a new motor by advertisements, contact from dealers or friend recommendations.