Sainsbury's new car data reveals drop
www.moneynews.co.uk > General finance > Sainsbury's new car data reveals drop
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Money News |
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Sainsbury's new car data reveals drop
Tue 3rd Mar 2009
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Figures from the financial institution have revealed that 6.33 million people in the UK are planning to buy a car between March and August this year, down from 6.86 million who planned to buy a car in the same period last year.
"For the first time in four years, we see the anticipated spend on new cars over the next half-year drop to a low of under £43 billion, representing a 39 per cent decrease on the period for September 2006 to March 2009," said Steven Baillie, head of loans at Sainsbury's Finance.
The results will be disappointing reading for the UK motoring industry, which has seen the global car market slump over recent years.
The impact of the recession is also taking its toll on the industry, with people even more reluctant to splash out on a new car when their job security is at an all-time low and there is less money available for loans.
Many manufacturers have cut production in an effort to halt falling profit margins, while companies are also looking to stimulate growth by introducing new models.
Several major car companies are planning new vehicle launches at this month's Geneva Motor Show, in an effort to boost interest in the industry.
Click here for more finance news
Related News : General finance |
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Related News : Sainsbury |
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