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Demand for used cars soaring as a result of increased reliability and transparency

28 July 2021 – CarNext, one of Europe’s leading online B2C and B2B used car marketplaces, has published further results from its CarNext Mobility Insights Report, revealing a clear shift towards used car purchases and increased confidence in online purchases. Among the key findings of the survey on the topic of used car purchases are:

  • 57% of all drivers surveyed claim to mainly use a used car today, rising to 65% in the case of 18 – 23-year-olds, with only a small minority of those surveyed resorting to leasing (3%) or carsharing (1%).
  • Similar growth in used car usage can be seen across all countries, with as many as 71% of Portuguese, 61% of French and 59% of Germans claiming to mainly drive a used car.
  • Nearly 30% of those surveyed (32% in the case of 18–35-year-olds) say they would have purchased a new car before Covid-19 but that today they would prefer to buy a used car. This increase is reflected in the number of consumers in this age group (36%) who claim to have purchased a second-hand vehicle in the past 12 months.
  • Among the reasons for purchasing a used car, the overwhelming majority (72%) of drivers’ state that the key influence is greater convenience. 17% claim the purchase is primarily motivated by the desire to go away on daytrips or weekend escapes and 7% would buy a car most of all for use on longer holidays.
  • 34% of consumers would consider buying a used car online. 57% state this is primarily due to convenience, in terms of the ability to compare prices, read reviews and look for information without leaving home.
  • In terms of the factors that are of greater concern to consumers when taking a decision to purchase a used or a new car are the risk of it breaking down quickly (64%), the lack of a warranty (33%) or of it not coming from a reputable dealer (31%).

Maarten van Neerven, Chief Finance Officer of CarNext, said, “The CarNext Mobility Insights Report shows that nearly half of consumers claim to be more likely to buy a used car today, in a great part thanks to increased consumer confidence in the reliability and quality that used offers today. The research also shows a higher level of enthusiasm for online car purchasing among the millennial and Z-Generation age groups further strengthening CarNext’s credentials as the player best positioned to respond to this trend thanks to its disruptive technology platform and the added value we give to consumers. The growth in e-commerce, which has been catalysed by the Covid-19 pandemic especially among younger consumers, creates a long-term opportunity to expand our leadership position in a space that is perfectly suited to current and future consume

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