GBP2 billion wiped off used-car market

Wed, 28 May 2008



According to a recent report by Sainsburys Finance, some £2 billion has been wiped off the used car market in the last six months, largely as a result of the global credit crunch affecting financial markets.

Sainsbury’s Finance, the financial services arm of the supermarket chain, made the prediction that spending in the next six months would be considerably lower than that in the previous six months. The fall, experts say, represent a fall in used car values.

With increases in Vehicle Excise Duty (VED) due later this year, the falls are likely to become even more radical. The head of Sainsbury’s Loans, Steven Baillie, was reported in the news as commenting:

"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."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

Advice section: Pros & Cons | Finance Tips | Running Costs | Payment Options
Car finance partners
Car Loans
Car Warranty