People 'plan to spend less on typical used car'People plan to spend slightly less on used cars in the next six months of the year, but still plan to use car finance loans to finance their motor purchases, new research suggests.
People plan to spend slightly less on used cars in the next six months of the year, but still plan to use car finance loans to finance their motor purchases, new research suggests.
According to Sainsbury's Bank, 5.48 million people plan to purchase a second-hand car in the coming six months - typically spending £4,056 each.
Between September 2006 and February 2007, consumers on average spent £5,018 on a used car.
Sainsbury's Bank said that people still need to learn to haggle more when negotiating on their purchase.
"Despite the fact that haggling can save the buyer hundreds or even thousands of pounds, many of us are reluctant to do this," explained a manager at Sainsbury's Bank, Steven Baillie.
"Our findings reveal that over half of people who are intending to buy a second-hand car in the next six months state they do not plan to haggle or will only haggle slightly."
However, the research also revealed that consumers still planned to use car loans to help finance their purchase - in total, 17 per cent of the cost of the second-hand cars purchased over the next six months will be financed in this way.
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