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Used car buyers still in mid-recession mindset, claim RAC Warranty

By Kyle Linsay
Monday, October 28, 2013 - 09:00

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MINDSET: Recession still taking its toll

Used car buyers continue to have a ‘recessionary’ mindset despite recent signs of economic recovery, RAC Warranty have claimed.

Financial factors are remaining the main drivers behind used car buying decisions, and the company believe this will persist for an extended period of time.

Ian Simpson, Sales and Marketing Director of RAC Warranty, claims the economy is set to recovery slowly, with buyer attitudes reflecting this pace.

“The vast majority of used car customers in 2013 still retain what you might call a recessionary approach when it comes to choosing a vehicle,” he said.

“What they continue to want is a reasonably priced car that offers low running costs and is unlikely to spring any unforeseen bills on them.

“It is very simple.

“It is very unlikely that general levels of prosperity will improve in the short-medium term.

“Wage increases continue to lag well behind inflation and living standards are falling as a result.

“We believe that this is the shape of the used car sector for the foreseeable future.”

Image courtesy of Jim Belford, with thanks.

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