The outlook for the motor industry is positive according to the latest motoring report from car buying experts Carzone. The bi-annual index which examines trends in the Irish motoring market, finds that 52 per cent of Westmeath people plan to buy a car in the next year. The Carzone Motoring Report is compiled by analysing data from the 108 million searches carried out on Carzone in the first 10 months of the year, as well as an in-depth survey of 1,610 Irish motorists nationwide.
Of those Irish motorists planning to buy a car in 2017, 28 per cent say they intend to spend €10,000-€20,000 while a significant 27 per cent say they will spend between €20,00 and €40,000. Given that over one in four Irish motorists are planning to spend up to €40,000, it’s no surprise that 2016 is the most searched-for year at 16 per cent while 2012 is the second most popular year at 10 per cent.
According to the Carzone Motoring Report, a quarter of Irish motorists will use savings to buy a car next year while one in five intend to take out a loan from a Credit Union and 13 per cent will look at a finance option such as PCP indicating that all finance options are on the rise.
Of those Irish motorists planning to sell their car next year, over one fifth will do so online while 37 per cent will sell their car as part of a trade-in.
The cost of running a car
The cost of car insurance is now the number one financial concern for Irish motorists. Fuel, last year’s number one issue, is now second while motor tax is third.
Given that fuel is a key concern, it’s no surprise that 68 per cent say the most recent car they purchased is diesel, up 14 per cent from 2015.
When it comes to running a car, the Carzone Motoring Report reveals that over half spend up to €250 per month on car costs such as fuel, tax, insurance, repairs, and servicing while 14 per cent spend in excess of €300 per month.
The report also finds that over half prefer to pay tax and insurance in lump sums. Just under a third say they opt to pay their motor tax quarterly while 41 per cent pay their insurance by monthly direct debit.
The Volkswagen Golf remains the most searched-for used car on Carzone. The Ford Focus which featured in second place last year, has been moved down to fifth place. New to the top six this year is the Audi A4 and the Mercedes E-Class indicating the growth of the premium used car market. In Westmeath, Volkswagen was the most searched-for car marque in 2016, with the Volkswagen Golf being the most searched-for car model.
The top six most searched-for cars on Carzone in 2016 are Volkswagen Golf, BMW 5 Series, BMW 3 Series, Audi A4, Ford Focus, and Mercedes E-Class.
To access a full copy of the report, visit www.carzone.ie/report