British people are estimated to spend £36.4
billion on new and
used cars over the course of 2006. This amounts to 4.5 per cent
of total disposable household income, according to new research by
Halifax.
According to
Halifax, the spending will be approximately £1,490.30 per
household per annum. This represents a significant rise over the
last decade. Halifax estimate that spending on motor
vehicles has increased by 61 per cent over the past ten years
although the price of vehicles on
dealer forecourts has actually decreased by 6 per cent during
this period.
Recent
car finance news indicates that consumers should shop around
for a good deal. The head of Halifax
Unsecured
Personal Loans, Ian Larkin, said: Buying a
car is probably the second biggest purchase you will ever make,
after buying a house, so it is important to consider how you intend
to
finance this and choose a product most suited to your
needs.
Buying a
new car is also loaded with further costs such as
MOT tests,
insurance and
tax, Larkin added.
