Sainsbury's: Demand increasing for second hand cars

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Sainsbury's: Demand increasing for second hand cars

Approximately 5.1 million people intend to buy a second-hand car in the six months until the end of February 2009, according to new research by Sainsbury's.

Spending an average of £5,005 each, this amounts to a collective sum of £25.5 billion.

This shows an increase of 12 per cent on the £22.76 billion intended expenditure in the previous six-month period from March to August of this year.

Steven Baillie, loans manager at Sainsbury's, said that the study suggests consumers are increasingly looking to buy cars second-hand as financial pressures increase.

He suggested further ways to reduce motoring costs, such as shopping around if seeking a loan to buy and being prepared to barter over the price.

In September, Sainsbury's reported that car buyers were losing out on better deals by failing to haggle over prices and benefits.

It found that of the 1.45 million people intending to buy a new car between September and February 2009, 19 per cent, or 270,000, did not intend to argue over the deal at all.

Sainsbury's said bargaining could save an average estimated amount of £1,468.

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