The costs associated with a car are the main obstacle to buying or exchanging a vehicle in Portugal, which is the main reason why the majority of people (83%) are not thinking about doing so. This is one of the conclusions to be drawn from the Observador Automóvel 2024 study, carried out by Cetelem, a commercial brand of the BNP Paribas Personal Finance group.

“Vehicle maintenance is one of the topics that most concerns Portuguese consumers (45%) and that makes them most hesitant about buying a car today”, indicates the study.

“In this context, seven out of 10 Portuguese people think it will be difficult to buy a car, with 82% also anticipating an increase in the prices of new vehicles. In addition to costs, the Portuguese also consider the decision to buy a car difficult due to the variety of brands and the proliferation of options available on the market”, concludes the study.

Given this scenario, only 17% of Portuguese respondents want to buy a car this year, with 7% intending to purchase a new one and 6% a used one. 42% of those considering buying a car say they will not do so this year. Why? Either because they do not need a new vehicle immediately (42%) or because they do not have the financial resources (41%) or because they are waiting for prices to drop (16%).

At a global level – people from 16 countries were surveyed – the feeling is identical: only one in four plans to buy a car in 2024, with 54% opting for a new vehicle and 29% for a used car. Already around four in 10 people have no intention of buying a new vehicle, or will not do so for at least a year.

The survey was carried out between June 28 and July 17, 2023 in 16 countries (Germany, Austria, Belgium, China, Spain, United States, France, Netherlands, Italy, Japan, Mexico, Norway, Poland, Portugal, United Kingdom and Turkey), with 15,000 people interviewed online – 800 were carried out in each country, except in France where 3,000 interviews were carried out.