UK consumers will spend less on used cars

Tue, 27 May 2008



Just under 5 million people are intending to purchase a second-hand vehicle in the six months running to the end of August 2008, according to a report from Sainsbury’s Finance . However, the amount customers will spend represented an 8% decrease in the six months running to February 2008.

The head of Sainsbury’s Loans, 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 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."

Bailie reported as going on to say: "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."

The news could predict a downturn in the car finance market.
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