According to recent reports from a major supermarket bank, the economic conditions in the UK have caused a major upswing in demand for second-hand vehicles . Recent figures indicate that despite falling new car sales, cheaper second-hand cars could actually be in greater demand.

According to Sainsbury’s Finance, as many as five million people in the next six months could look to buy a used vehicle . The value of these purchases, whether they are made using cash or car finance, could exceed £25 billion – some 12 per cent up on figures from the last six months, according to Sainsbury’s.

The loans manager at Sainsbury’s Car Finance, Steven Baillie, reportedly commented: Our research suggests that in the current difficult economic climate, those looking for a car are increasingly turning to the second hand car market as opposed to purchasing a brand new model. Whilst it can be significantly cheaper to purchase a second hand car, people should still be prepared to look for ways to reduce their costs even further.