Britons drawn towards used cars as living costs rise
Sep 27, 2006
Despite the recent launch of the '56' car number plate sparking predictions of a boom in new car sales, new research suggests that demand for new cars is dropping, as Britons move towards second hand bargains.
<One of the most popular reasons for taking out a personal loan, one in five adults is planning to change their car in the next year, the quarterly car buying index from AA Personal Loans reveals. However, with living costs such as gas and electricity bills going up recently, consumers are moving towards second hand cars, with 45 per cent of those planning to get a new vehicle looking for a 'nearly new' car that is less than three years old up from 40 per cent three months ago.
Meanwhile, drivers are moving away from pricey new models, with demand for new cars down from 30 per cent to 26 per cent, despite the launch of the new registration vehicles.
An AA Loans spokesperson suggested that during this summer when millions of people felt the pinch from the real, dya to day costs of running a home, it is not that surprising that people wish to get the most of from money when it comes to purchasing a car.
As well as being clued up in finding a good car, people should also think about how they plan to finance their car. It could be false economy to decide on a car based on price only to then fund it with an expensive means of car finance.
The survey also found that the major factor in choosing a car for most buyers was finding a reliable car with a good track record in reliability and repairs (28 per cent), while 27 per cent of drivers were looking for a car was finding one that was economic to run and cheap to insure.
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