Some 31 per cent of motorists trade in their old car for a new one in order to cut running costs and save money, a new survey by Experian reveals.
Although many motorists exchange their car to save themselves some cash, the most popular reason for buying a new car is because the driver is bored with what they already have, as 45 per cent said they just wanted to drive something different. Another 43 per cent cited the main reason for getting a new vehicle is because their current model would cost too much to repair, reports am-online.com.
Around 37 per cent of motorists keep a vehicle for five years before changing it for something new. Younger drivers are the most likely to swap out their car on a regular basis, as 47 per cent said they change their car every two years or so, reports rac.co.uk.
Andrew Ballard, principal consultant at Experian Automotive, said it's important for dealers to know why motorists are looking to buy a new car, whether it's for financial reasons or simply because they're bored with what they have.
"A reluctance to take on additional financial responsibilities has replaced the mood among car buyers for a long time, but we have seen both used and new cars sales grow significantly over the past year," he noted. "While running costs still play a role, a desire for change came out as the bigger driver."