Four in ten (43%) drivers buy brand new cars, according to a new Opinium survey of 2000 UK drivers, commissioned by Insurethegap.com, a new independent provider of GAP (Guaranteed Asset Protection) insurance, launched by award-winning and FCA regulated, Halo Insurance Services Ltd, the team behind iCarhireinsurance.com.
Regions most likely to buy new cars are led by London where over half (57%) of drivers buy new, followed by 51% in the North East, 47% in Yorkshire & Humber, 45% in the North-West and 45% Scotland.
Drivers in regions least likely to buy new live in Northern Ireland (27%), followed by the East Midlands (33%), South West (36%), East of England (37%) and the West Midlands (39%).
March is a popular time for car buying, with drivers looking to purchase new registrations, and both men (45%) and women (40%) would look to buy brand new cars, compared to the 53% of UK drivers who choose to buy second hand cars.
The survey also asked drivers how often they replace their cars. A fifth (19%) tend to buy a new car, or new to them car, whenever their car dies, or repairs will cost more than the car is worth; a quarter (26%) change cars every two to four years; a quarter (25%) every four to six years; and 16% every six to ten years.
Out of those who could estimate how frequently they bought a new car, they do so on average every five years. A quarter of women (24%) will wait until the car dies or costs more to repair compared with 14% of men.
Ben Wooltorton, Director, InsuretheGap.com, said: “March is a popular time for buying new cars and it seems that new cars continue to be popular, especially in London, Scotland and the North. However outside of London, the majority of people do still tend to buy more second hand cars.”
Wooltorton continues, “Many people don’t realise that when cars are written off, or stolen, the insurance company will only pay the market value of the car at the time, not its purchase price. As cars lose between 15 - 35% of value in the first year, and 50 - 60% in the first three years, there is often a GAP between what was paid for the car, what is still owed on finance, and what the car is now worth. Our policies protect drivers from this shortfall, and cost a fraction of the price charged by the car dealerships.”