Wednesday, June 10, 2009
Category:
Secured Loans
According to new research conducted by Confused.com, 36 percent of motorists consider their budget to be the main factor in deciding which car to opt for.
It was also found that only 2.8 percent of drivers view their vehicle as a status symbol.
Further findings include the importance of reliability, with 1 in 5 motorists admitting to purchasing their cars on the basis of trusting the manufacturer. Additionally, ‘green’ issues would not appear to be influencing drivers – irrespective of the Government’s intention to encourage low carbon transport, at a cost of £250 million, during the course of the next 5 years.
Head of motor insurance at Confused.com, Will Thomas, commented: "Motorists are being hit hard by the recession, with fluctuating fuel costs and fuel duty increases to boot. It seems that they are looking for further ways to reduce their running costs, and our research shows that now even the vehicle itself is the latest to suffer at the hands of the financial squeeze.
"Confused.com's research has found that drivers are becoming more concerned with the cost of their new cars, than with the eco-friendly specifications which they hold. It also appears that cars are no longer the status symbols that they once were, with drivers favouring buying vehicles for reliable transport from A to B.
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Motorists that are looking to invest in a new vehicle, but are restricted by the amount of money available to them, may wish to consider taking out a
secured loan to fund the purchase. This finance option is one of many to fund car purchase and could turn that dream car into a reality. Borrowers with several existing debts may also want to investigate the possibility of consolidating these at the same time; thus killing two birds with one stone for those that are looking to re-organise their finances. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
