6 September 2006
September could be a quiet month for car manufacturers as many consumers shun personal loans and finance deals, according to new research.
A study by AA Personal Loans has looked at the car buying intentions of more than 12,000 people over a 12-month period.
One key finding from the study was that although the overall demand for cars remains flat at 20 per cent, there is also a shift in buying habits away from new vehicles.
The proportion of car buyers planning to go for a 'nearly new' second hand model has risen from 40% to 45% in the last three months while demand for new cars is down from 36% to 26%.
Lloyd East, AA Personal Loans spokesman, said: "Our summer research shows that demand for cars remains at a steady level, although an increasing proportion of the car buying market is looking for a second hand model.
"During a summer when million of Brits have materially felt the pinch from the real, everyday costs of running a home, it is not at all surprising that people want to get the most of their money when it comes to car purchase.
"In addition to being savvy in finding a car, people also need to think about how they finance their car."
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