28 May 2008
Almost five million consumers in the UK are set to purchase second-hand cars in the months until the end of August, Sainsbury's Finance has said.
They will spend an average of £4,636 on these vehicles and a collective amount of £22.76 million, the company revealed.
Head of Sainsbury's Loans Steven Baille urged sellers to make sure they know the value of their cars so that they do not lose out.
"Our findings show the amount people anticipate spending on second-hand cars is significantly less compared with six months ago, which may be a knock-on effect of people's growing financial uncertainty," he commented.
Moreover, he suggested that those making the purchases should haggle in an attempt to lower the price.
Drivers buying cars should ensure that they have adequate car insurance policies in place.
The true impact on the industry will be seen when motorists find that their tax discs are more expensive, CAP Motor Research has said.