Less drivers buying new cars due to economic downturn

Less people are buying new cars in a bid to avoid debt, it has been claimed.

New research from YouGov and comparethemarket.com has revealed that 13 per cent of UK drivers stated they will not purchase a new vehicle this year because of the economic slowdown.

Apart from the model and price, 73 per cent of respondents said fuel consumption was the biggest influence when considering a new motor and 45 per cent cited the cost of insurance premiums as a factor.

Spokesman Jeremy Moll commented: “Most people are becoming more frugal in light of the current credit crunch, and many motorists will be looking to cut back on spending during these tough times.”

Recent figures from the British Retail Consortium showed that sales on other goods such as clothing, footwear, furniture and homewares were down compared to the same period from the previous year.

By Jamie Price