Menu
26/08/2003
Car buyers to spend £46bn in six months, says survey
According to the Sainsbury’s Bank Car Buying Index, which tracks the number of people planning to purchase a vehicle on a six-monthly basis, nearly 6.5 million people plan to buy a car between now and February 2004 – spending £46 billion, or £7,167 each.
The bank says that around a quarter of this, some £11.27 billion will be financed through loans. In terms of where people will purchase their cars, 60% will do so from car dealers and the bank is urging customers to haggle over the price because, with a brand new car, it claims savings of around £1,200 can be made per vehicle.
The previous index findings, which covered the period March to August 2003, revealed that the same number of people intended to purchase a vehicle but that the average individual spend would be £8,116, or collectively £52 billion, with 22% of this financed through loans.
Steven Baillie, Loans Manager, Sainsbury’s Bank, said: “There are two main reasons for a potential decline in expenditure, the first being a fall in car prices. Two years ago second-hand cars were around 20% more expensive, and prices for new vehicles in June 2003 were 1.3% lower than 12 months earlier.
“The second reason is that more motorists are planning to buy second-hand cars as opposed to brand new ones. Findings from the previous index revealed that 60% of motorists who intended to purchase a car said it would be second hand whereas the corresponding figure for the next six months is 66%.”
On a regional basis, the East Midlands tops the league with 21% of people intending to purchase a car within the next six months compared to only 2% in East Anglia and 8% in the South West.
(gmcg)
The bank says that around a quarter of this, some £11.27 billion will be financed through loans. In terms of where people will purchase their cars, 60% will do so from car dealers and the bank is urging customers to haggle over the price because, with a brand new car, it claims savings of around £1,200 can be made per vehicle.
The previous index findings, which covered the period March to August 2003, revealed that the same number of people intended to purchase a vehicle but that the average individual spend would be £8,116, or collectively £52 billion, with 22% of this financed through loans.
Steven Baillie, Loans Manager, Sainsbury’s Bank, said: “There are two main reasons for a potential decline in expenditure, the first being a fall in car prices. Two years ago second-hand cars were around 20% more expensive, and prices for new vehicles in June 2003 were 1.3% lower than 12 months earlier.
“The second reason is that more motorists are planning to buy second-hand cars as opposed to brand new ones. Findings from the previous index revealed that 60% of motorists who intended to purchase a car said it would be second hand whereas the corresponding figure for the next six months is 66%.”
On a regional basis, the East Midlands tops the league with 21% of people intending to purchase a car within the next six months compared to only 2% in East Anglia and 8% in the South West.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
12 October 2009
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
01 July 2010
Car Sharing Gets 'Capital' Boost
Car clubs are set to benefit from an extra £40,000 of Government funding, Transport Minister Norman Baker announced today. The money will be used to support car club development in the UK - and especially so in the capital, London.
Car Sharing Gets 'Capital' Boost
Car clubs are set to benefit from an extra £40,000 of Government funding, Transport Minister Norman Baker announced today. The money will be used to support car club development in the UK - and especially so in the capital, London.
28 January 2005
Car thefts down but report seeks improvements
The National Audit Office (NAO) has reported a reduction in vehicle crime, but has warned that "further progress is still required" to improve the situation.
Car thefts down but report seeks improvements
The National Audit Office (NAO) has reported a reduction in vehicle crime, but has warned that "further progress is still required" to improve the situation.
24 April 2013
Co-op Bank Purchase Falls Through
A Llyods Banking Group sale of 632 bank branches to the Co-op group has fallen through. It had been hoped that by buying the branches the Co-op would create a bigger competitor to the main high street banks. However, the continued economic downturn and tougher regulatory environment imposed on banks has been blamed for the collapse of the sale.
Co-op Bank Purchase Falls Through
A Llyods Banking Group sale of 632 bank branches to the Co-op group has fallen through. It had been hoped that by buying the branches the Co-op would create a bigger competitor to the main high street banks. However, the continued economic downturn and tougher regulatory environment imposed on banks has been blamed for the collapse of the sale.
11 November 2013
Over 2,000 People Use 'Help To Buy' Scheme
More than 2,000 people have put in offers on homes under the Help to Buy scheme, totalling £365 million of new mortgage lending. The applications are backed by a 'decision in principle' by RBS and Lloyds, the first two participating banks, for 95 per cent mortgages. Ten of the 2,384 applications have already completed.
Over 2,000 People Use 'Help To Buy' Scheme
More than 2,000 people have put in offers on homes under the Help to Buy scheme, totalling £365 million of new mortgage lending. The applications are backed by a 'decision in principle' by RBS and Lloyds, the first two participating banks, for 95 per cent mortgages. Ten of the 2,384 applications have already completed.
-
Northern Ireland WeatherToday:Mostly dry south and east, patchy light rain west and north through much of the day. A band of heavier rain crosses central and northern parts in the morning Maximum temperature 13 °C.Tonight:Dry in the southeast at first otherwise widespread light rain or drizzle for most, turning to clear spells and a few showers towards morning. Minimum temperature 5 °C.
