According to
Sainsburys Finance, demand for
second-hand vehicles has fallen, largely due to many customers
using the
car scrappage scheme to buy a new
vehicle . Between September 2009 and February 2010 just 8% of
adults plan to buy a
used car .
For the previous six month period, the figure was higher, at 10%.
Consumers looking for
second hand cars plan to spend an average of just over 5,300
pounds to purchase
their vehicle .
The head of Sainsbury’s
Loans, Steven Baillie, reportedly commented: Our research
suggests that less people intend to buy a
second-hand car in the coming months, which may be partly due
to the Government's car
scrappage scheme encouraging more people to buy a
new car instead. Indeed, we estimate that the scrappage scheme
is directly responsible for a 37% increase in the value of
personal loans taken out to purchase
cars since its introduction. It can of course be significantly
cheaper to buy a second-hand car, but buyers and sellers could save
even more
money if they do their homework.
