Brits to spend £20bn on used cars
One in ten UK adults will buy a second-hand car this summer, each spending an average of nearly £4,500.
With 4.5 million drivers forking out cash for a used car between March and August 2009, the second-hand market could be worth more than £20 billion.
However, this represents a 21% decrease in spending compared to the previous six month period, and a 12% fall in the number of people planning to by a second-hand car.
Sainsbury’s Finance, who released the figures, said motorists selling a vehicle should be sure they know its potential value to achieve the best selling price.
“Sellers need to make sure they know the market value of a vehicle to ensure they get a good deal for their existing car,” said Sainsbury’s spokesperson Stephen Baillie.
“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 also reminded motorist buying a car to “remember to haggle when negotiating any car purchase.”
“Haggling can save the buyer hundreds or evens thousands of pounds,” Baillie said.