For most people, cars are a major investment that can be vital to both work and leisure time. With the car market changing rapidly, the ways in which people buy cars also adapt. Here are five ways that are currently popular.
More PCP contracts
The only section of society that currently prefers saving until they have enough to buy a car outright is the 17-to-21 demographic. For everyone else, Personal Contract Purchase, or PCP, is on the rise. These contracts allow a more manageable, flexible payment system that fits the average four-year cycle that most people follow with car ownership.
In 2018, new car sales dropped by 20%. This was a continuation of a long-term trend partially caused because new cars lose their value so quickly. Buying new cars also results in more paperwork than a second-hand model, which you can often drive away on the same day.
Meanwhile, second-hand dealers have seen a dramatic improvement in their reputations for reliability and transparency. For example, reputable motor trade insurance can make a dealer more trustworthy. You can visit Quote Me Today for motor trade insurance. Buying second-hand cars are becoming ever more efficient, so it is possible to find a recent, high-quality model for a decent price.
Fewer high-end cars
Current trends seem inclined more toward practical and efficient cars that are better designed for day-to-day living. Consumers have become less willing to spend more for a larger, fancier model. £20,000 appears to be the maximum investment many buyers are willing to make.
Fewer electric cars
Following the trend toward efficiency, electric cars are losing popularity. While the environment is still an area of high concern, the increased interest in electric cars has been offset by the lack of charging points in combination with limited battery life. While the government has taken steps to improve facilities for electric cars, there is still a long way to go. For many people, it is not viable to run an electric car until that infrastructure is in place.
More automatic cars
Although being able to drive a manual car is important to many people, many are now choosing to buy automatic cars. They’re commonly perceived as more reliable and easier to drive. Good-quality automatic cars can be bought relatively cheaply in the current market.