New car buyers ‘expect to pay less’

Published: Sunday 22nd March 2015 by The News Editor

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Would-be buyers of cars expect to pay less for a new model but much more for a used one in the coming weeks compared with the last six months.

Around 23% of people are thinking of a car purchase in the period from now until August 2015, a survey from Sainsbury’s Bank showed.

Those planning to buy a brand new motor expect to pay an average of £14,831 for it over the period March-August 2015 – a 7% reduction on what those who had intended to get a new car between September 2014 and February 2015 planned to pay.

But those planning to buy a second-hand car from now until August 2015 are looking to spend an average of £7,314 – a 10% increase on the intention-to-spend figure for used cars over the previous six months.

Based on responses from 2,004 UK adults, the survey showed that taking new cars and used cars into account , the average amount people intend to spend on a car from now until August 2015 is £10,290 – a 9% dip on the amount people were prepared to pay from September 2014 to February 2015.

“It’s certainly a great time to buy” said Sainsbury’s Bank head of banking Simon Ranson.

New car sales in the UK rose 9.3% last year compared with 2013, increasing to a 10-year high of more than 2.47 million.

Sales have continued to boom at the beginning of 2015, with the February 2015 rise of 12.0% being the 36th successive month in which new registrations have increased.

Published: Sunday 22nd March 2015 by The News Editor

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