<< Most Recent Articles

Fewer Brits 'opting for new cars'

Fewer people are planning on buying a new car in the next six months compared to the last six months, according to Sainsbury's Bank.

A significant decrease of £11.1 billion in expected car purchases, the bank has stated, representing a fall in almost one million people's interest in buying a new car.

Steven Baillie, head of loans at Sainsbury's Finance, explained that the decrease in interest may be due to the current economic climate and people's fears over the credit crunch, as well as environmental concerns.

"Indeed, our research indicates that the overall cost of motoring, everything from servicing to insurance and fuel has increased by ten per cent in the last three years," he said.

Meanwhile, the bank's research suggests that there will be an increase in used car sales, with 30 per cent of those that intend to buy a new car in the coming months set to do so with the help of a loan.

Pressure on drivers may increase with the anticipated five per cent increase in car insurance premiums this year, according to the bank.

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

03/03/2008 15:30:44

Most Recent Articles