4 March 2008
The number of consumers who are going to purchase a car in the next six months is set to drop, Sainsbury's has stated.
Between March and August this year, 6.86 million consumers will look to carry out such a transaction, the bank claimed, one million less than the six months beforehand.
And over the same amount of time, £47.5 billion is set to be splashed out on such vehicles, the organisation said.
Head of Loans at Sainsbury's Finance Steven Baillie noted the general cost of keeping and running a car has increased recently, a trend that could be putting people off.
"Our research indicates that the overall cost of motoring, everything from servicing to insurance and fuel has increased by 10% in the last three years," he commented.
Moreover, 30% of those looking to buy cars in the coming six months will do so partly via a loan, the company announced.
But the Retail Motor Franchised Dealers' Association official Sue Robinson told the Daily Mirror that discounts will mean consumers are still interested in the sector.
© 2008 Adfero Ltd
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