Second hand car demand has fallen

Mon, 07 Dec 2009



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."
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