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Used car sales to grow

The next six months will see a jump in the number of people being used cars, according to a new survey.

The next six months will see a jump in the number of people being used cars, according to a new survey.

The prediction of buying habits from Sainbury's estimates that almost 5.5 million Brits are in the market for a used car in the near future, compared with 5.1 million in the past six months.

By contrast, sales of new cars are expected to dip, quite possibly because rising interest rates are making people more aware of keeping the costs of car finance down.

“This latest index also indicates that one in four (26 per cent) people who intend to buy a vehicle over the next six months will finance at least some of their purchase through a loan," said Steven Baillie from Sainbury's.

"Indeed our findings estimate that of the total amount of money that will be spent on buying vehicles, around 15.8 per cent will be financed through personal loans, which equates to around £8.41 billion," he added

Taking out a car loan or car credit can help substantially cut the costs of car finance on any new or used car.


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