Friday, September 18, 2009
Category:
Secured Loans
According to uSwitch.com, the expected 2p per litre rise in fuel duty is going to result in extra annual expenditure of £29 per consumer.
This equates to an additional £1.16 for every tank of petrol that is purchased, and marks a 26 percent rise since 2007. Furthermore, uSwitch.com has revealed that industry experts also anticipate a 3p per litre rise in petrol prices later this month in response to the rising cost of oil and the 8 percent increase in the wholesale price of fuel. This comes at a time when the Government is planning to put an end to the temporary VAT reduction on January 1st of next year.
In response to the increasing price of petrol, it is reported that 33 percent of drivers are intending to replace their large vehicles with smaller, more fuel-efficient motors. With regard to the key factors for consideration when purchasing a new vehicle, uSwitch’s research also uncovered that 33 percent of motorists are of the opinion that fuel efficiency is of paramount importance.
Insurance expert uSwitch.com, Mark Monteiro, commented: "As Chancellor Alistair Darling comes under increasing pressure to scrap next week's fuel duty increase, the outlook for drivers remains bleak. With petrol prices rocketing 15.6% in just six months adding recessionary insult to injury, it is unsurprising that consumers are finding themselves financially squeezed. It was bad enough last year when petrol prices spiked at an all time high, but in the current climate, drivers are by no means in any position to absorb these spiralling costs.
"It is not surprising that, for drivers looking to buy a new or second-hand vehicle, size increasingly matters. Flash Harry's are becoming well and truly flushed, with more and more motorists prioritising fuel efficiency over ‘forecourt flashiness' by downsizing sizing their cars to pre-empt the increasing expense of filling up the tank. Getting from A to B is more about MPG than ever before, and, with further petrol price increases in the offing, drivers are right to think about the total running costs of a vehicle before making a final decision on the forecourt."
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Homeowners who are thinking about buying a new, more economical car, and who are looking for finance, could consider a
secured loan. A secured loan is one of many options to fund car purchase and might be considered by those who are looking for a larger car to accommodate a growing family, as well as by those who are purchasing a newer, more economical vehicle. For those who would like a garage to accommodate their new vehicle, a secured loan could also be used to cover the cost of adding a garage to a property.
