Six out of 10 consumers say cost of living crisis means they won't swap cars in 2023

Market Briefing represents the views of the industry on issues affecting the leasing broker market. If you have a view you would like to express, please email the editor: ralph.morton@brokernews.co.uk. Market Briefing is supported by FleetProcure, the online vehicle purchasing system used by leasing brokers and dealers.

SENTIMENT certainly seems to be downbeat at the moment.

A new survey says that over half of consumers will stay put with their current car in 2023, pointing to the cost of living crisis as the reason.

And nearly a quarter (23%) reckon that things won’t change until at least the end of the year.

The data was compiled by Startline Motor Finance as part of its Used Car Tracker.

And while the data reflects used car preferences, it provides an indication of what leasing brokers can possibly expect in the consumer personal contract hire market.

Most buyers who are in the market are thinking very carefully about the car they choose and what it will cost to cost to keep it on the road, as well as what might happen if their finances became worse, such as if they lost their job. The whole buying decision is being carefully very weighed against their personal finances.

Paul Burgess, CEO at Startline Motor Finance Tweet

The report, the Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research.

The report found that if motorists were able to buy a used car:

the cost of living crisis would be the biggest factor affecting their vehicle choice (68%);
followed by running costs (67%);
inflation (36%);
clean air regulations (22%);
and job security (21%).