A brand new survey from Carwow, which questioned 700 shoppers, has discovered 30% of automobile consumers usually tend to purchase a used automobile slightly than a brand new automobile following the Autumn Funds. Used automobile enquiries generated through Carwow elevated 63% YoY to the top of October.
When requested if the Funds has impacted their chance of shopping for a automobile within the coming months, 19% stated they’re now much less probably, whereas 21% stated they’re extra probably, 40% stated they’re simply as probably as they had been earlier than and 34% nonetheless intend to purchase new.
Iain Reid, Head of Editorial at Carwow, stated: “It’s clear from our client survey outcomes that the Funds has performed little to encourage extra automobile consumers to make the swap to EV possession and, as an alternative, has made a good portion of shoppers rethink what they will afford when selecting their subsequent automobile, most notably selecting used over new.
“While an extra £500 million to help deal with potholes is also welcome, it’s not going to fix the problem overnight.”
Carwow’s survey discovered that 37% usually tend to take into account a less expensive automobile than the one they had been initially contemplating previous to the Funds.
The Chancellor has dedicated to investing greater than £200m to speed up EV charge-point infrastructure.
Reid added: “The Chancellor confirmed that EVs will retain their beneficial Profit in Sort tax charges for firm automobile drivers and, whereas they’re now not exempt from automobile excise responsibility from April 2025, may even be topic to extra beneficial first-year tax charges than petrol and diesel vehicles.
“However, rather than incentivising electric car ownership, she looks to be disincentivising ownership of other fuel types, with big increases in VED rates and large hikes in Benefit in Kind for hybrid cars coming in 2028.”
When requested if they’re extra more likely to take into account an EV after the Funds, 19% stated sure, 56% stated they no and 15% stated they had been already planning to purchase one.
When requested if the Chancellor ought to have performed extra to drive the transition to EVs, 34% stated sure whereas 55% answered no.
