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Motorists opt for used cars

August 15, 2008

Motorists opt for used cars

British motorists are opting for used cars rather than new vehicles, in an effort to beat the credit crunch, it has been claimed.

A survey by insurance group esure revealed that 64 per cent of motorists intended to buy a used car for their next purchase.

Furthermore, it was also suggested that those who do buy new vehicles do not carry out enough research beforehand and often end up paying over the odds.

Of those surveyed, just 68 per cent said they would attempt to haggle with a dealer, while three-quarters of women and 64 per cent of men admitted that they fail to research finance options before buying a new car and often accept the first form of credit offered to them.

Mike Prickard, head of risk and underwriting at esure car insurance, said: "With the cost of motoring on the up, it’s more important than ever for drivers looking to change their car to make sure they get the best deal.

"Whether it’s bargaining on the forecourt or shopping around for the right finance package or insurance cover, an hour or two of researching at home can make a real difference to your wallet."

Meanwhile, figures released by Sainsbury’s Bank last week revealed that the average car insurance increased by around six per cent between June 2007 and June 2008.

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This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

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