Young used car buyers are putting the reputation of car dealers and the value for money deals as more motivating buying factors ahead of image and style, according to a study carried out by Experian, automotive research specialists .
Managing director of Experian's automotive division, Kim Fletcher explained, "It could be argued that older car buyers are focused more on what the car says about them, while the results suggest that the young are more concerned about getting value for money and not getting ripped off."
Over 2,000 car buyers took part in the survey, which found that 56.4 per cent of the 18 to 24 year olds polled rated trust and reputation of vendors as the most important factor when purchasing a car . For 35-44 year olds the figure was just 28 per cent.
Last year a total of 7.77 million used cars found buyers, compared to 7.84 million the year before, but demand for 3-6 year old vehicles rose from 1.82 million to 1.86 million over the same period. Sales of 6-9 year old models also climbed from 1.52 million to 1.56 million between 2005 and 2006, with most of these cars costing up to £5,000 and attracting budget-conscious younger drivers .
Around 64 per cent of those surveyed by Experian said they would choose a vehicle over three years old, with 70 per cent opting for sub-£5,000 vehicles .
Fletcher added, "Despite all the special offers on younger cars, they still failed to entice enough buyers into reaching for their wallets in 2006."
"Financial pressures among consumers of all ages are making them more cautious - we are seeing a definite shift towards older cars ."
