3.2 million downsize their vehicles
According to uSwitch.com, one in three car buyers plan to downsize their current car, with 20% of drivers saying car size is the most important thing to them when buying. Fuel efficiency is the most important thing to 36% of drivers as the price of petrol is slowly working its way up to 104.7p.
Although the scrapping scheme is available, 24% of motorists feel that they would not be able to buy a new car in the short term and more than 50% of motorists say they will be keeping their current vehicle for longer than they originally intended. 38% say that they will wait a further 2 or 3 years before they buy a new car.
Of those who might have bought a new car in the past, 5% will now buy a second hand vehicle. That said, people who want to buy a second hand car, might be in for a surprise as some models have gone up in price by as much as £830. Among those who are still able to buy a new car, 22 percent say that they plan to make spending cutbacks and 29 percent expect to spend £5,000 to £10,000.
According to uSwitch.com, mini segment sales trebled in July and they anticipated that trend to increase as new number plates hit the showrooms. For those who are thinking about buying a new car, uSwitch.com offer some top tips. It is vital that buyers do their homework, insurance is key to those looking at sporty cars. Buyers should not be afraid of bargaining – not only on price but should also ask for an extension to the car’s warranty or a service package. It is also worth having the funds to purchase a car before actually starting to look for it. This can strengthen haggling power as purchasers are cash buyers. Cars which are pre registered by dealers which only have a few miles on the clock effectively allow buyers to get a brand new car with a second hand price tag!
Those looking for finance to cover the purchase of their new vehicle, could consider a secured loan. A secured loan is one of many options to pay for a new car. And for those homeowners who are wondering where they are going to keep their new car, they could consider a secured loan for home improvements. Extending a property to include a garage will provide homeowners with somewhere safe to keep their vehicle, they might also consider doing a 2 storey extension, adding an extra bedroom for a growing family.
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