posted 5 years ago

New Car buying set to increase

More than a fifth of adults in the UK are planning to buy a car in the next six months according to a survey compiled by Sainsbury’s bank

More than a fifth of adults in the UK are planning to buy a car in the next six months according to a survey compiled by Sainsbury’s bank.

The percentage of 21% could equate to 9.8 million potential buyers if the figures were projected nationally and 9% of those surveyed, equating to 4.3 million people, intend to buy a new car during this period.

These latest findings suggest activity in the car market could increase, when compared with a similar survey carried out six months ago which found that 18% of respondents planned to buy a car in the coming months. It also reveals men are more likely than women to be planning to buy a car in the next six months with 24% of men intending to make a purchase compared with 17% of women. Men were also twice as likely as women to be looking for a new car, with 13% intending to make a new car purchase, compared with 6% of women.

The typical planned spend for a man is £11,948, while women plan to spend a more modest £8,003 on average. Men are also more likely to rely on finance to pay for the vehicle and expect to borrow larger amounts, according to the findings and 35% of men plan to borrow to finance their car, compared with 30% of women. Men also expect to borrow 20.3% of the value of the car on average, compared with 15.5% for women.

More results show that the most popular monthly payment - as chosen by nearly twenty-five per-cent of personal contract purchase plan consumers - is only £79. Not surprising considering the fragile state of the economy. These motorists are also happy to pay £1,500 deposits to secure this low rate.

Also new car sales zoomed ahead last month, according to to the Society of Motor Manufacturers and Traders (SMMT). The launch of the new 62 number plates meant there were 359,612 new registrations in September - a 8.2% rise on the September 2011 total. These were the best-selling models in September:

1. Ford Fiesta
2. Vauxhall Corsa
3. Ford Focus
4. Vauxhall Astra
5. Volkswagen Golf
6. Mercedes-Benz C-Class
7. BMW 3 Series
8. Nissan Qashqai
9. Volkswagen Polo
10.Peugeot 208