Sunday, October 2, 2022
HomeBusinessRAY MASSEY: Car buyers delay purchase due to cost-of-living crisis

RAY MASSEY: Car buyers delay purchase due to cost-of-living crisis


Are you keen to buy a new car but putting it on hold because of worries about the cost of living crisis? 

Or are you ready to buy from a showroom right now, but put off by longer waiting times for a new cars? 

These are the key dilemmas consumers, manufacturers and dealerships now face. It’s especially challenging with lots of exciting new cars coming down the line, including the new sportier Kia XCeed, from £23,000 to £33,000 with a range-topping GT-Line S and upgraded plug-in hybrid, on sale from early next month with deliveries from autumn. 

Hotly anticipated: The Kia XCeed arrives before the year’s end

Hotly anticipated: The Kia XCeed arrives before the year’s end

New research by consumer magazine and website WhatCar? found that more than a third of would-be car buyers are delaying their purchase due to cost-of-living crisis. Also more than a third of customers have reduced their budgets — about a quarter by between 10 and 15 per cent and almost as many cutting it by 20 per cent or more. 

The research also found four in ten buyers have changed either the make or model they’re considering to buy due to the cost-of-­living crisis, with seven in ten planning to buy a different make and model altogether. 

Among those who’d already bought a car, a fifth said the cost of living had impacted their decision. 

The new sportier Kia XCeed goes on sale from early next month

The new sportier Kia XCeed goes on sale from early next month

Prices for the model range from £23,000 to £33,000 for the range-topping GT-Line S (pictured)

Prices for the model range from £23,000 to £33,000 for the range-topping GT-Line S (pictured)

The model also features an upgraded plug-in hybrid (pictured) and deliveries will start from autumn

The model also features an upgraded plug-in hybrid (pictured) and deliveries will start from autumn

Of those, nearly two-thirds said they had bought a different make and model to what they wanted at first. Of those who’d already bought a used car, about one in seven said they’d initially intended to buy a new car. But among those planning to buy a used car, more than one in five said they had initially looked to buy a brand new car but decided against it. 

WhatCar? editor Steve Huntingford said: ‘Rising inflation is impacting the automotive sector with serious consequences. Our research shows a significant share of buyers are revising their budgets to offset the rising cost of living.’ 

Meanwhile, figures from Close Brothers Motor Finance show nearly four in ten of those considering a new car have been put off from buying at all because of supply delays.

Moke maker sold 

As the first electric Mini Moke models are delivered to customers, the company that makes it has been sold. 

Built in Britain, the new electric Moke has a range of about 75 miles, a top speed of 50mph and can be charged in four hours. 

Fun-packed: The new electric Moke has a range of about 75 miles, a top speed of 50mph and can be charged in four hours

Fun-packed: The new electric Moke has a range of about 75 miles, a top speed of 50mph and can be charged in four hours

It costs from £34,980 (£29,150 plus VAT). Moke International brought the original 1964 design back to life in ­September 2020 and has agreed to sell 65 per cent of its shareholding to EV Technology Group (EVTG) which specialises in electrifying iconic motor brands. 

Only electric Moke beach buggies will now be produced. 

Moke International brought the original 1964 design back to life in ­September 2020

Moke International brought the original 1964 design back to life in ­September 2020

The new Moke is being built in ultramodern factories operated by the Northamptonshire-based Fablink Group. 

The petrol-driven original, created by Sir Alec Issigonis, was driven by The Beatles and Brigitte Bardot.

Richard Hammond making festival appearance 

Former Top Gear star and The Grand Tour presenter ­Richard Hammond will be at the 2022 Hagerty Festival Of The Unexceptional with The ­Smallest Cog team. 

Main man: Richard Hammond will be at the 2022 Hagerty Festival Of The Unexceptional with The ­Smallest Cog team

Main man: Richard Hammond will be at the 2022 Hagerty Festival Of The Unexceptional with The ­Smallest Cog team

Mike Brewer of Wheeler Dealers and Paul Cowland host of Salvage Hunters will also appear at Grimsthorpe Castle, Lincolnshire, on Saturday, July 30.

Limited tickets, costing £20 per car, are on sale at eventbrite.co.uk. 

Top honour

I am honoured to have been named Automotive News Journalist of the Year for 2022 in the UK’s motoring Oscars, the ­Newspress Awards. 

Judges praised both ‘­storytelling’ and the use of graphics in my reportsnoting: ‘Ray has a nose for news and he is able to compile it in the right way for his audience.

‘He sets the standard. Nobody knows how to sell a story like Ray.’ 

The awards were held at Bicester Heritage motor hub, Oxfordshire, on Thursday. 

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