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Young drivers seek cheap car finance

Car buyers between the ages of 18 and 24 are proving to be savvy in the used car market, picking out vehicles between three and nine years old.

Car buyers between the ages of 18 and 24 are proving to be savvy in the used car market, picking out vehicles between three and nine years old.

Research from Experian indicates that used cars of this age were the only ones that saw an increase in sales last year. Young buyers were responsible for driving this growth, which reflects their desire to get hold of reasonably priced used cars.

The need to get hold of a cheap vehicle does not mean that young buyers will neglect condition, however. The research indicates that those between the ages of 18 and 24 are in fact more concerned about condition than any other age groups.

Before seeking a used car loan, 40.6 per cent of young buyers discuss related issues with their friends. A further 26.2 per cent take recommendations from friends and family.

Kirk Fletcher, managing director of Experian's automotive division, said: "It could be argued that older car buyers are focused more on what the car would say about them, while the results suggest that the young are more concerned about getting value for money and not getting ripped off.

"They have a smaller disposable income and, therefore, a greater desire to find a bargain."

It is on the basis of this prudence that young car buyers in the UK remain among the savviest on the road, seeking competitive used car loans that can fund their dream purchase.

ADNFCR-841-ID-18164846-ADNFCR© Adfero Ltd

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