uSwitch.com: October new car registrations

In response to the latest figures from the SMMT that show new car sales have fallen by 23.5% in October - the sharpest fall for 18 years, new research from uSwitch.com shows:

Three quarters (77%) of motorists say the current economic climate will impact the purchase of their next car.

15% are set to spend almost £3,000 less on their next car, as economic uncertainty grows.

Over a quarter (26%) of motorists say they won't be able to afford a new car at all.

Nearly half (47%) of motorists will now hold on to their current car for longer than planned.

4% who would typically buy a brand new car will be buying second hand instead.

Ashton Berkhauer, insurance expert at uSwitch.com, comments: "The car industry faces further gloom as our latest research reveals that motorists are drastically changing their car buying plans in light of the deepening economic crisis.

"The research shows the potential size and scale of the slowdown in car sales as Britain's motorists react to a looming recession. Some consumers are writing themselves out of the car buying market entirely, some are reducing their planned spend while others are aiming to ride out the storm by holding onto their existing model for as long as possible. These are all strategies that will help consumers cope, but the impact they could have on both car sales and manufacturing could be huge."