- Buying a new car is a bigger milestone than a house, say a third of motorists
- Younger generations, in particular, see it as a more achievable dream.
- The most popular new car in March was the Land Rover Defender 110
Several UK motorists are now prioritizing buying a shiny new set of wheels over a house, according to a new report.
More than a third of UK drivers told Auto Trader that buying a new car is now a bigger milestone than buying a property, mainly because it is more affordable.
This comes as rising prices mean the prospect of becoming a homeowner is increasingly out of reach for many Britons.
Achievable dream: More than a third of UK drivers told Auto Trader that buying a new car is now a bigger milestone than buying a property, mainly because it is more achievable.
Annual increase: nationally recorded a year-on-year increase in house prices for the first time in 13 months
Of the 2,032 drivers surveyed in the UK who had bought or previously owned a new car with no previous owners, 35 per cent said they were prioritizing saving for a car fresh off the assembly line, rather than buying a house.
That attitude is especially prevalent among 18- to 29-year-olds and Londoners, two groups most affected by rising house prices.
More than half of respondents in both groups (52 per cent of 18-29 year olds and 55 per cent of Londoners) are now opting to save for four wheels, rather than four walls.
Although house prices fell slightly earlier this year, the average home will still cost more than £280,000, according to the latest official figures.
What are the most popular new cars?
The change in buying and saving habits coincides with Auto Trader’s list of most popular new cars in March, with the Land Rover Defender 110 at the top.
While luxury new cars can easily hit the £100k-plus mark, many of the premium cars in Auto Trader’s Most Popular New Cars in March cost less than this and a fraction of the cost of a home.
In terms of the percentage of inquiries sent to retailers, the Defender had the highest percentage, at six per cent. The Volkswagen Golf was second, also with six percent, and the Range Rover was third, with three percent.
Land Rover had a very strong month for new car sales according to Auto Trader, with two models in the top three.
The top 10 was completed by another Range Rover and a large number of BMWs: the Range Rover Sport was fourth most popular (three percent), the BMW 1 Series in fifth place (two percent), the BMW 5 Series in sixth place (two percent). percent), a BMW-owned Mini Hatch in eighth (1 percent), the BMW M3 in ninth (1 percent) and the BMW X5 in tenth (1 percent).
The only electric car to appear was the Honda e:Ny1, which was the seventh most popular new car on Auto Trader in March with a two per cent share of inquiries sent to retailers.
The only electric car to appear was the Honda e:Ny1, which was the seventh newest car on Auto Trader in March with a two per cent share of inquiries sent to retailers.
The electric car, which starts at just under £40,000 (£39,995), was one of only four cars on the list to cost less than £40,000. The Volkswagen Golf costs from £27,035, the Mini Hatch from £22,935 and the BMW 1 Series from £28,740.
The rest of the new cars on the list are all premium cars that come with a high luxury price tag.
The BMW 5 Series and X5 will set you back at least £51,000 or £69,560 respectively.
The Defender 110, the most popular car in March, costs £63,670 for the cheapest version, and the BMW M3 costs a hefty £82,450.
Unsurprisingly, the two most expensive cars on the list are the luxury Range Rovers – the Sport costs at least £72,255, while the Range Rover costs £104,025.
The Range Rover, which is a high-end luxury car priced to match, will set new car buyers back at least £104,025
The Range Rover Sport, the fourth most popular new car on Auto Trader in March, costs at least £72,255
Price aside, motorists also made it clear that they believe being able to afford a new car confers social status.
Three-quarters (78 percent) of men surveyed cited a new car as the ultimate status symbol, believing it is a key representation of how successful you are, and 71 percent of women also agreed.
And since new cars are seen as a status symbol, more than a quarter (26 percent) of respondents consider it extremely important to have the last year’s license plate when driving a new car.