New Car Buyers Could Misspend Up to GBP11billion on the '11' Registration Plate

LONDON--February 23, 2011: Up to GBP11billion could be misspent on the new '11' registration plate due out next week, as a study shows around one in three buyers choose the 'wrong' car.

The shocking findings are the result of a survey by CarBuyer.co.uk, which provides independent expert reviews to help ensure people select the most suitable model.

The motoring website polled 1,000 car owners to find out if they were happy with their purchase decision. A worrying 304 admitted regretting their specific choice of car.

Participants were then asked how they would have bought differently if they could turn back time. Their responses are in the table below.

    
    The same car with a different engine                      29 per cent
    The same car with a different specification               19 per cent
    A totally different car from a different manufacturer     18 per cent
    A similar car from a different manufacturer               15 per cent
    The same car in a different colour                        11 per cent
    A different car from the same manufacturer                 6 per cent
    The same car in a different body style 
    (eg the estate not the saloon)                             2 per cent

Mat Watson from CarBuyer.co.uk said: "On average our respondents spent just over GBP20,000 on their new car and so it's very worrying that so many believe they didn't make the right choice."

However, it's not surprising so many people slip up as there are 4,427 separate model derivatives on sale in the UK, when taking into account all the different body styles, engine choices and specification levels available.

Watson added: "The amount of choice is quite mind-boggling. That's why anyone planning on buying a new car should go online to do plenty of research before they even set foot in a dealer."

1. GBP11 billion is based on the average price respondents to the survey paid for their car multiplied by number of registrations (excluding fleet) expected between March 2011 and August 2011, based on comparative 2010 data from the society of Motor Manufacturers and Traders.

2. Figure of 4,427 total model derivatives supplied by JATO Dynamics, the world's leading provider of automotive intelligence.