Drivers are looking for the most economical way to get behind the wheel, after a survey revealed that second-hand motors are just as in demand as brand new vehicles.
According to Sainsbury Bank’s Car Buying Index, 15 per cent of adults are currently considering purchasing a new car, with the same number of people planning to buy a used vehicle.
It also found two-thirds of would-be car owners will borrow money for their purchase, with loans typically covering 47 per cent of the cost. This demonstrates how drivers these days are struggling to afford to own a car outright – whether it is new or second-hand.
Head of loans at the bank Robert Oag said: “With the high number of people considering buying a new car, in particular over the next six months, it’s important that they not only consider the most economical car for their needs, but also consider the best way to finance the vehicle too.”
He stated that personal loan rates are currently low, which means potential car owners may be able to save money by taking one of these out instead of car finance options.
However, hire-purchase deals remain the most popular form of loans, with 24 per cent of those borrowing money for a car doing so this way.
Sainsbury’s Bank revealed buyers plan to spend around £14,409 on a vehicle, which is why many people need to borrow to afford this.
Second-hand cars are, therefore, a preferable option for lots of drivers, as it gives them the opportunity to get a higher-spec vehicle for less money.
If you do intend to purchase a used car, it is important to get it looked over with a car service in Hillingdon first. That way you can be sure it is in a good condition before confirming the sale.