Car owners looking to reduce the number of cars they buy and use to save money are not alone.
A survey by the automotive research firm Edmunds found that around 75 per cent of buyers believe the car market is getting worse.
The survey was conducted last year for the British Car Advice Association.
“There’s a sense among many consumers that the market is becoming less attractive and that’s creating an opportunity for the small and mid-sized carmakers to become more competitive,” said Mr Smith.
Read moreThe survey also found that a large number of consumers are unhappy with the amount of fuel they use and the level of maintenance they have to undertake.
The survey found that one in six respondents said they had bought a car before they were 40 years old.
“The consumer is often surprised by how long it takes to find a new car and that it takes a long time to find an affordable car,” said Simon Henshall, Edmunds’ managing director of car marketing.
“There is an enormous demand for small, mid-size and sporty cars.
It’s also difficult to find affordable vehicles when the average price for a new vehicle is £2.4 million.
Many of these cars are on sale for a fraction of that price.
These factors are driving a rise in the number and cost of new vehicles, with the average cost of a new road car in 2017 set at £22.3 million.”
Read More “In addition, it’s important to consider that a growing number of small and medium-sized companies are taking a big risk in building new vehicles,” said Henshall.
“The recent introduction of new technologies such as electric vehicles and self-driving cars will likely see a lot more new vehicles built, but many of these smaller companies are also looking to build new cars in order to compete with the big brands.”
The UK’s largest carmakers have a combined market share of 18 per cent.
The biggest brands in the country have a market share for just 7 per cent and a combined revenue share of just 3 per cent, according to Edmunds.
There are a number of factors that are pushing smaller carmakers out of the market.
Small carmakers are less expensive and are more profitable, which is good for consumers, but also means that a small business can be able to pay off debt faster, which means fewer buyers are willing to shell out more for a brand-new car.
In the UK, small car manufacturers have been struggling for years to grow their share of the small car market.
The last time that happened was in the 1990s.
The number of sales per million vehicles fell from 9 per cent in 2010 to 5.4 per cent this year.
But the trend is reversing, according, according Edmunds, which said the average annual sales growth of small carmakers is set to double over the next two decades.
Henshall said that the number who want to buy smaller cars is a reflection of a shift in consumer attitudes.
If consumers are buying fewer vehicles, it means the small business owners are becoming more expensive and more expensive to build, he said.
More and more people are looking to buy small cars, but they are also opting to buy less expensive vehicles, according the survey.
“I think the consumer is getting more and more disillusioned with the status quo,” said Smith.
“They want to get out of their cars, which has a lot of small companies that are now in the middle of the road.
They want something new, something that has a bigger market share.
When consumers see smaller car companies doing better, it is not just in the UK.
I think there are a lot people who are actually considering buying smaller cars.”
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