<< Most Recent Articles

Young drivers 'spend more on enhancing their cars'

Younger motorists are more likely to pay for modifying their cars, including engine work and stereo systems, according to Halifax.

Research from the bank revealed that 20 per cent of people aged 17 to 24 spent over £500 on tinkering with their vehicles. Men were more likely to opt for engine modification, while women preferred enhancing their sound system.

Spending on cars does not stop here, according to Halifax, with some 35 per cent of drivers paying for upgrades, while, when it comes to buying a new car, over half of the people surveyed said they would go for a used model.

Taking out a personal loan "will allow you to pay for other things such as road tax, MOT or car insurance", according to Neil Chandler, head of Halifax Unsecured Personal Loans, and may be able to fund other treats such as satnav or a handsfree kit.

People thinking of investing in a new car have been advised by moneysupermarket.com to opt for a personal loan over dealer finance in order to save money on the interest payments.

See how much you could borrow with a car loan from Lombard Direct.

© Adfero Ltd

22/02/2008 16:30:18

Most Recent Articles