cars
Consumer research undertaken by AA Personal Loans has found that
one in three motorists (33 per cent) plans to buy a brand new car
in the next twelve months. The comparable figure last year was 26
per cent, indicating that demand for new cars has grown by 27 per
cent.
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Used cars however do not have such a bright outlook. The
survey found that only 36 per cent of the 2,7 00 respondents to the
AA’s Deals on Wheels survey intended to buy a used car under three
years old within the next twelve months – a fall of 18 per cent on
the figure from the beginning of 2007 (44 per cent).
Other findings from the survey include:
- Older people are driving new car demand, 52 per cent of over 55
year old drivers are looking to buy a car in the next 12 months,
compared to 20 per cent of 25 to 34 year olds
- Younger people are more likely to buy a used car
- Consumers are opting for cars that are comfortable for
long motorway journeys, with demand for such vehicles having almost
doubled in the last year
- Only 26 per cent of drivers in the south of England say they
will opt for a brand new motor in the next 12 months – whereas the
comparable figure among Scots is 41 per cent
Lloyd East, head of AA Personal Loans said: “As interest rates
rise, UK consumers are beginning to tighten their purse strings.
But our research shows strong consumer demand for new registration
cars ahead of September 1.
“This suggests that reasons for buying a car are not only
influenced by price at purchase.
“Approximately one in three people buying a car in the next year
will take out a loan or finance to fund their purchase. With
interest rates rising, the cost of buying a car on finance is
increasing and it is therefore essential that people intending to
buy a new or used car shop around for the best deal before heading
for the forecourt.”
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