Over 1000 car owners were surveyed and five per cent 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 fifteen per cent of owners indicated they may well opt for bigger and better models and said they’d be less bothered by fuel economy next time they bought a car. Lower fuel prices could also signify an increase in traffic as over thirteen per cent of car owners thought they’d go on longer journeys and use their car more often.
However, over fifty per cent of respondents still thought fuel economy is important. In fact, over 28 per cent 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.
There was also a degree of scepticism about the dip in fuel prices, with over thirty per cent of respondents saying they thought the cost of fuel would rise again in the very near future.
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 this can only help new and used car sales this year. If fuel prices stay low, it is likely that more and more car owners will be looking to the forecourts for the car they want next and can afford to run.”