Falling second-hand car sales

Wed, 09 May 2007



According to research into the car market by Sainsbury’s Bank, spending on used cars will fall over the next six months by 14 per cent. The average most people wish to spend will also fall by over £1000.

The bank are urging customers to sell their cars at the best price possible, and to aid the process are providing a free valuation tool. Consumers can enter the make, model and mileage of their car in order to find out the estimated value.

The loans manager of Sainsbury’s, Steven Baillie, reportedly commented: "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 that people are anticipating spending less on their second-hand car purchase compared with six months ago, so it’s important that they remember to haggle when negotiating any car purchase to secure the best deal."

He continued: "Despite the fact that haggling can save the buyer hundreds or even thousands of pounds, many of us are reluctant to do this. Our findings reveal that over half of people who are intending to buy a second-hand car in the next six months state they do not plan to haggle or will only haggle slightly."
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