Car buying spree last year may continue

Tue, 14 Aug 2007



A survey by Halifax indicates that the price of buying both new and used cars fell last year, driving consumers to purchase record number of vehicles . The car-buying frenzy came despite heavy traffic problems and the high cost of both petrol and diesel.

Halifax found that the cost of used and new cars has fallen by 26 per cent in the last decade, pushing the number of vehicles on UK roads up to its current level of 31 million. The number of cars per household has also increased, from 1.13 to 1.28.

Halifax issued a warning that car buyers should avoid 4x4 vehicles in order to achieve a good price. The company reportedly commented: "New research shows that 4x4 vehicles registered three years ago have lost on average 34% their value over the past two years, compared with just 20% for a supermini car. This reflects both the increasing financial burden and adverse consumer perception associated with owning a 4x4."
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