The cost of running a car is an important factor for more than two thirds (67 per cent) of British car owners, according to a recent survey by Experian, the information services company. However, sadly only a quarter would look for a car that offered better fuel economy as their next purchase.
Although there is a greater choice of smaller, more economical cars coming onto the market, the survey of 1,008 British car owners found that 18 per cent of people stated that they would consider a vehicle with a smaller engine and 16 per cent would look for a smaller car altogether.
Kirk Fletcher, Managing Director of Experian’s Automotive division, said: “Concerns about running costs are certainly driving changes in the automotive industry and causing consumers to be more cautious about their spending. However, even when living through a downturn, there is still a reluctance to downgrade.
“It also means that most drivers feel they are already driving cars they can afford to run, so their preference would be to buy a similar type of car. Some are still even planning to upgrade.
Men vs women
A car’s size matters more to female car owners. Men are more likely to downgrade in engine and car size (18 per cent compared to 15 per cent of women). When asked whether they would go for a bigger car in their next purchase, 17 per cent of women (compared to 15 per cent of men) said that they would.
The generation factor
The likelihood of an upgrade in engine size generally decreases the older the car owner. Car owners aged 18 to 24 are the most likely to consider an upgrade in engine size (33 per cent) compared to, for example on three per cent of 55 to 64 year olds. The young are also more likely to go for a bigger car in their next purchase (38 per cent of 18 to 24 year olds).
