AA: Car buyers tightening their belts
www.moneynews.co.uk > General finance > AA: Car buyers tightening their belts
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Money News |
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AA: Car buyers tightening their belts
Thu 14th Feb 2008
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Those buying a car six months ago were willing, on average, to spend £9,827 on a new set of wheels, whereas people buying a car today hope to spend just £8,851.
AA's research revealed that with consumers currently uncertain about their financial future after the recent credit crunch, this is set to be a difficult year for the motoring industry.
The second-hand car market is likely to benefit however, as the number of people buying second-hand cars under three years old has risen by a quarter in the last six months.
Scottish car dealers are in for a good year as well with 28 per cent of Scots planning to change their vehicle, compared to just 17 per cent of people in much of the rest of the UK.
Mark Huggins, head of AA Personal Loans, said: "Faced with rising costs including fuel … car buyers seem to be shopping around for a more economical way of buying a reliable car."
He also recommended that the third of buyers who purchase their cars with a loan shop around to find the best deal.
It is not only the Scottish car industry that seems to be avoiding the national slump - the Royal Institution of Chartered Surveyors revealed last week that its housing market is also doing well.
Related News : General finance |
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Related News : AA |
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