Brits to spend £20bn on used cars

| June 2, 2009
”Brits

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.

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  1. When financing a used car keep in mind these few points:
    Work out how much you want to pay for the car before you go to look at it – don’t get carried away and agree to pay more than you want to. There’s no point in committing yourself to a larger car loan than you can afford.
    Have any questions about the car written down before you see it, and don’t be afraid to push the seller for answers.
    Ask if the car has been involved in an accident and look for any visible signs of repaired damage.
    Ask if the car is an import.
    Check that the mileage is consistent with the condition of the car and the records kept in the service history.
    ALWAYS take the car for a test drive before committing to a purchase.