Sainsbury's says second-hand cars set to rocket

07 November 2006
Over five million people in the UK will buy second-hand cars in the six months to February 2007, according to Sainsbury's bank.

Total expenditure on second-hand vehicles will be close to £26 billion, the supermarket bank says and 17 per cent of this spending will be financed by loans.

The bank advises customers to assess carefully the potential value of their car, whether buying or selling.

"Knowing the market value of a vehicle will help to ensure owners get a fair price," emphasised Steven Baillie, loans manager.

He noted that many Brits are unwilling to haggle, although this is established practice in a used-goods marketplace.

"Haggling … could save hundreds or even thousands of pounds," Mr Baillie observed.

"Unfortunately many of us are reticent to do this."

Consumers looking to buy second-hand are noticeably concentrated in regions with high living costs, with the largest in the south-east and London a close second, with almost 900,000 prospective buyers.

To read more about car insurance, click here.

track© Adfero Ltd