October 2013
Almost two-thirds of motorists (64%) say that they would rather save than spend money on a new car.
That’s the finding of April’s Startline Used Car Tracker shows that 37% prefer to protect themselves from future cost increases, with 30% saying their personal finances could be better and 30% forecasting the economy is going to get worse.
The views of those who would instead buy a used car are more optimistic with 19% confident in their personal finances, 15% believing the economy is in reasonable shape and 6% not feeling the need to protect themselves from unexpected expenditure.
These questions were asked following research showing the number of UK households choosing saving over spending has risen, with a net +30% saying now is a good time to save – close to a post-pandemic peak of +33% and well above the average from 2008-2020 of -2%.*
Paul Burgess, CEO at Startline Motor Finance, said: “We’re in a slightly odd situation now where the economy isn’t exactly doing badly but the public perception is undoubtedly poor, perhaps caused in part by news headlines about the uncertain situation in Ukraine and the ongoing threat of tariffs on the UK economy.
“Our research very much reflects this picture, showing a significant majority of motorists would rather hang onto their car and put any spare cash into savings rather than opt for a new vehicle. It’s a time when many people are clearly exercising caution when it comes to their finances.
“However, there is another important interpretation of these findings, which is that around a third of people are potentially in the market for a car.
The performance of the used car sector in 2025 so far has been encouraging and there is no shortage of buyers. While the urge to save is unusually high, the attraction of a new car remains strong.”
