Auto Trader CEO Nathan Coe, speaking to Car Dealer, is saying that if push came to shove and consumers had to choose between buying a car and having a holiday, the car purchase would win.
Of course, given the parlous state of the economy, this is a real situation plenty of families are facing right now.
Coe also said he felt that a recession was 50% probable, though he reckons the used car market would hold up through that.
Coe is quoted by Car Dealer as saying: ‘Used cars particularly perform quite differently to the rest of the economy during a recession.
‘We’ve recently been out and spoken to car buyers and asked them how they’re thinking about their car purchase, given the cost of living crisis and the potential for recession – and what we got back is that the vast majority of people don’t see their car purchase as a discretionary item.
‘There are other things that they say will go first, like holidays, entertainment, nights out, and the like.
‘For most people, the change in their car is driven by some change in their life circumstances, and that doesn’t matter whether there’s a recession or not, if circumstances have changed in your life you need to change around that.’