Wednesday, October 14, 2009
Category:
Secured Loans
According to AA Insurance, a study of over 21,000 members has revealed that 68 percent of those between 18 and 24 years of age attained their first car during their teenage years. In contrast, only 28 percent of members that are now aged 65 or over can claim this.
Findings also revealed that 50 percent of men had become car owners by the age of 20, compared to 38 percent of women. Furthermore, it was found that some boys and girls even came into possession of their own car prior to turning 17, at 3 percent and 1 percent respectively.
With regard to the value of the vehicles in question, AA Insurance discovered that young drivers generally spend under £2,000 on their first car. In fact, 35 percent spent between £500 and £2,000, and 34 percent spent less than £500. In terms of the age of the cars, 61 percent became the owners of a car over 7 years old, and 6 percent became new car owners.
When it comes to funding, 33 percent of women and 22 percent of men were found to have received their first car as a gift, or as a hand-me-down from a friend or relative. However, prior to 1968, only 15 percent of drivers were given their first car, compared to 35 percent today.
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Homeowners who are looking to invest in a vehicle, but do not have the funds to hand, could consider taking out a
secured loan to make this purchase possible. A secured loan is one of many finance options available, and could be used to facilitate car purchases for a multitude of reasons. For example, some borrowers may wish to buy a car for their child who has recently become a qualified driver, whilst others may need to buy a second car for a large family.
