Sainsbury's Bank: Billions spent on second-hand cars

www.moneynews.co.uk > General finance > Sainsbury's Bank: Billions spent on second-hand cars

Sainsbury's Bank: Billions spent on second-hand cars

Tue 7th Nov 2006

The second-hand car industry is booming, according to Sainsburys Bank who discovered that a total of almost £26 billion will be spent by next February.

An average price of £5,018 is to be paid for a second-half second-hand car in the UK while 17 per cent of people are planning on taking out a loan to fund the purchase.

Sainsbury's Bank found that the south-east had the largest number of people planning to purchase a second-hand car between September 2006 and February next year with 1,143,000 people stating an intention to do so.

Loans manager at Sainsbury's Bank Steven Baillie explained: "Knowing the market value of a vehicle will help to ensure owners get a fair price for it when they come to sell or get the best deal with buying a new one. Haggling is also an important part of getting a good deal and could save hundreds or even thousands of pounds."

However, Mr Baillie went on to state that around half of people are not prepared to haggle at all for a second-hand car or if they do, they will quibble only slightly.

Sainsbury's Bank in a collaboration with What Car? provides motorists with a free online valuation that incorporates the prices expected to be offered by dealers, in part exchange, by trade, private or if the car is purchased new.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued

Related News : Sainsbury
	Sainsbury's Finance announces loan rate reduction
	People pay out 7m per year due to 'cowboy' traders, claims Sainbury's
	Sainsbury's sees 43% increase in lost or stolen holiday possessions
	Sainsburys Finance highlights benefits of credit card shopping
	Sainsburys Finance encourages customers to read terms and conditions
	Watch out for frosting thefts, advises Sainsburys Finance
	Sainsburys Finance warns consumers over crucial checks
	Sainsburys Finance lauds 'savvy shoppers'
	Sainsburys Finance 'offers extra cash to travellers'
	Sainsburys Finance highlights affordability issues relating to pets