Demand in the car market looks set to be unleashed in 2020 thanks to an end to Brexit uncertainty. More than one in six motorists now say that the decisive result of December's General Election has unlocked their confidence to step back into the market.
More than 3,000 readers of the Auto Express, Carbuyer and BuyaCar.co.uk motoring websites were polled to see if the end to the past three years’ political uncertainty had affected their car-buying intentions.
Some 15% said they were now more likely to go ahead with plans to change their car. But the figure for those who were furthest into the process of investigating which specific car to choose was as high as 24%. In other words, the closer drivers are to settling on a choice for their next car, the more confident they feel about committing to spending their money now that the General Election has taken place.
The research signals a dramatic change of sentiment among motorists who were becoming increasingly wary of making big spending commitments until the question of Brexit in particular had been settled.
“As we have been reminded almost daily in the news over the past couple of years, Brexit uncertainty has been deeply damaging to consumer and business confidence,” Christofer Lloyd, the Editor of BuyaCar, said. “So this research suggests that a lot of pent-up demand is about to be unleashed now that the question has been decisively settled.
James Batchelor, Editor-at-Large of Auto Express and Carbuyer, added: “This research is very revealing as it backs up our own view new car buyers will be more keen to part with their cash in 2020. Combine this Brexit effect with many manufacturers offering hugely tempting deals and there might never be a better time to buy a new car.”