Price Remains Key Factor for UK Car Customers: Close Brothers Motor Finance Research

In the world of car buying, price continues to reign supreme as the most important factor for UK customers. According to recent research from Close Brothers Motor Finance, a staggering 77% of those surveyed stated that price is the key consideration when making a vehicle purchase. While this may not come as a shock to many, it is still a crucial reminder of the financial constraints that many car buyers face.

Despite the growing trend towards electric vehicles and the increasing importance of factors like fuel type and efficiency, it seems that price still trumps all. The latest Forecourt Foresight research also revealed that mileage on the clock is a significant consideration for almost six in ten dealers, while less than half prioritize the manufacturer and model of the vehicle.

Lisa Watson, director of sales at Close Brothers Motor Finance, emphasized the importance of dealers staying attuned to the financial challenges that customers face. With the rising costs of living and the implementation of schemes like ULEZ, car buyers are feeling the squeeze more than ever. Dealers must be proactive in understanding these challenges and ensuring that their inventory meets the needs of their customers while also maximizing profitability.

As the automotive industry continues to evolve, it is clear that price will remain a driving force behind purchase decisions. Dealers who are able to adapt to the changing landscape and provide value to their customers will be best positioned for success in the future. By staying informed and responsive to customer needs, dealers can navigate the challenges of the market and thrive in an ever-changing industry.