Brits to spend almost £70bn on cars
Oct 26, 2006
The number of Britons planning to buy a car in the next six months has gone up, with just over 8 million people intending to buy one before February 2007, a rise of 230,000 from the six months before that.
This is according to the Sainsbury's Bank Car Buying Index, which also found that one in three people who are planning to buy a car are going to pay for at least part of it using a personal loan. The amount that Britons will spend on their new vehicles has also risen, with consumers planning to pay £69.4 billion within the next half a year, which is more than £6 billion more than for the period March to August 2006.
Second-hand cars will be favoured by the majority of drivers, with 5.17 million people looking to buy one, while 2.45 million people are planning to splash out on a brand new vehicle.
The loans manager at Sainsbury's Bank said that given the growing trend for drivers to choose loans to finance their car-buying, they must make sure they shop around for a competitive rate, as they could save hundreds or thousands of pounds in repayments. Findings from the bank show that there are more people than ever planning to buy brand new and second-hand cars, he added, which was good news for the automotive industry.
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