One in four adults (26 per cent) – that`s 12 million people – would rather own a used `prestige` brand car than a new run of the mill vehicle according to research released by BMW Financial Services.
Men are more likely than women to choose a used prestige brand over a new mid-market vehicle. Almost a third of men (31 per cent) would rather have a top-end second hand car, while women are most likely to opt for the new bog-standard version (36 per cent). Image-conscious younger people are also leading this trend, with almost a third (31 per cent) of 18-21 year-olds hankering after refinement and luxury on the road, preferring a second-hand but high-end model to a new `average little run around.` Londoners and residents in Northern Ireland are most likely to choose a used prestige vehicle.
Joe Pattinson, General Manager of Marketing for BMW Financial Services, said:
`Despite the credit crunch, people are still aspiring to luxury on the road. Classic cars and prestige brands rarely go out of fashion. And far from being just a mode of getting people from A to B, many car owners in the UK look to their motors as an extension of their own personal style.
Both used and new prestige brands needn`t cost the earth to own. But buying a car is one of the most important financial decisions in your life, so you need to make the right decision and get the finances in place. Many manufacturers offer finance plans on both their new and used vehicles which can help your dreams of owning a luxury brand achievable and affordable.`
In line with this trend for used prestige brands, both BMW and MINI have experienced uplift in used vehicle sales. MINI has seen car sales rise by 15 per cent on last year and BMW used car sales have increased by 10 per cent.
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