Brits who saved money during the coronavirus pandemic want to splash cash on cars

Over 40 per cent say they want to spend their savings on a new motor.

Car Dealer Key Handover
Car Dealer Key Handover

Car dealers could be in for a huge summer of trading when lockdown restrictions allow them to reopen next week.

New research from online car marketplace Auto Trader found Brits have saved a total of £18 billion during the coronavirus pandemic, with 41 per cent saying they are considering splashing their cash on a new car.

Car Dealer Sold
(Blackball Media)

With lockdowns limiting where people could spend their money, 71 per cent said they had saved money by not eating out, with 51 per cent saving by not going on holiday. Meanwhile, 27 per cent said working from home had saved them money as they no longer had to pay for fuel or public transport.

The survey of 2,867 Auto Trader customers found 41 per cent had saved more than £1,000 in the past year, with almost 15 per cent saving over £3,000.

Erin Baker, editorial director at Auto Trader, said: “Even as we come out of lockdown, people are wary of rushing back to the ways we used to live. Eight per cent of car buyers are keen to have a car to avoid public transport, for example, so we’re certain interest in car buying will continue to grow.

“People are looking to treat themselves to a new car with their lockdown savings, and therefore we are predicting a record-breaking number of both leads and sales on April 17, the first Saturday of the year that forecourts can reopen their doors to the public again.”

Auto Trader reported that March was its biggest ever month for website activity, with over 290 million adverts viewed by potential buyers. Last week traffic was 29 per cent higher than the equivalent week in 2019, suggesting there’s huge appetite to buy when dealers reopen.

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