Drivers are looking to buy a new car within months – but concerns raised over shortages

Drivers are looking to buy a new car within months – but concerns raised over shortages

09/17/2021

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New research highlights a potential car buying surge towards the end of this year, with 32 percent of UK adults considering purchasing a car in the next six months. More than half of those considering purchasing a car are thinking about buying a new or second-hand electric or hybrid vehicle, according to research from Shawbrook Personal Loans.

This comes as the nation moves its attention to more environmentally friendly alternatives to petrol and diesel.

Factors like Clean Air Zones (CAZ) and London’s Ultra Low Emission Zone (ULEZ) played a big role in people’s considerations, with one in seven looking to make this switch to avoid paying the costs.

More than a third (38 percent) of respondents said they are buying a new vehicle as a result of needing to upgrade their car.

Almost 30 percent of respondents cited environmental reasons as an incentive behind switching away from diesel and petrol cars.

The impact of the pandemic has also prompted Brits to consider purchasing a new or second-hand car in the next six months.

A quarter said the past 18 months have demonstrated the benefits of having a car to provide more accessibility. 

One in eight are doing so because they want to explore more of the UK.

Sally Conway, Head of Consumer Communications at Shawbrook Bank Personal Loans, said it was important for prospective buyers to consider their options.

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She said: “As more consumers consider more sustainable alternatives in their day-to-day lives, our latest research shows this extends to choosing the right type of car too.

“As many drivers begin reviewing their options ahead of changing their vehicle, a good proportion are now thinking of opting for hybrid or electric cars as alternatives to diesel and petrol.

“Purchasing a car is a big financial commitment and it’s essential to take time to consider all the available finance options – whether it’s using cash, a personal loan, a financing agreement or other methods.

“It’s important to take time to understand not just the type of car you’re looking for but also the different types of finance available to you.

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