Over £22 billion spent on second hand cars
Sainsburys finance say that 4.9 million plan to buy a second hand car at some point between March and August 2008, spending an average of £4,636 each, which equates to £22.76 billion and a lot of loans to go with it!
Although this is an incredible amount of money it’s actually down by 8 per cent on the £24.87 billion intended spend on second hand cars, for the previous 6 months!
Head of Sainsbury’s Loans, Steven Baillie, said: “Sellers need to make sure they know the market value of a vehicle to ensure they get a good deal when they come to sell their existing car, or indeed come to buy a new one. Our findings show the amount people anticipate spending on second-hand cars is significantly less compared with six months ago, which may be a knock-on effect of people’s growing financial uncertainty.
“It’s important that people remember to haggle when negotiating any car purchase, as haggling can save the buyer an average of £1,468. Despite this our findings show that over half of people who are intending to buy a second-hand car in the next six months say they do not plan to haggle or they may only haggle slightly.”
Rather suprisingly I thought, only 17 per cent of second hand car purchases in the next 6 months will be financed by a loan. Sainsburys Bank are urging people to shop around for a competitive loan rate.
Probably one of the best things you can do is visit a financial comparison website to get an understanding of the interest rates on offer for the loan amount your require. These comparison web sites make it easy to compare loans and loan APRs.
Customers who choose to take out a Sainsburys Loan can choose to make no repayments for the first 3 months and get and instant decision and get a cheque delivered within 24 hours.
Don’t forget your car insurance! >>Click here to compare car insurance quotes
And >>Click here to compare loans and apply online today!