September is here, meaning many people may be considering what
New 61 number plate? Maybe later
September is here, meaning many people may be considering what car finance options are available to them as they seek to get new vehicles with the latest number plates.
This time of the year normally sees a rush to bag new registrations, but AA Financial Services says there could be a change as families are more likely to pay off debt than buy the new 61 number plate, which is for registrations from September 2011.
Indeed, car retailers are hoping the new plate might bring a reversal in fortunes as new car registrations have declined for 13 consecutive months, according to figures from the Society of Motor Manufacturers and Traders.
But the AA's Car Purchase Index shows many people are hanging on to their cars longer, with only a third looking to change their vehicle within the next two years. Less than a fifth of these (19%) plan to buy a brand new car.
Mark Huggins, director of AA Financial Services, says: "What's more, people are spending less - this year, 29% were thinking of paying between £5,000 and £10,000, compared with 32% last year.
He goes on to add that many people are most likely to raid their savings (39%) or "find ready cash from elsewhere, such as investments or pension lump sums if they do decide to buy a car".