According to new research from Halifax, around a third (33 per cent) of all private motorists in the UK bought a new or used car in 2005, which equates to nearly ten million cars changing hands or being newly registered.
Nearly one in ten motorists (eight per cent) purchased a brand new vehicle and one in four (25 per cent) purchased a used car.
Halifax's findings show that this means UK residents spent around £36 billion on cars last year, approximately 4.5 per cent of total disposable income - nearly £1,500 per household.
"Buying a car is probably the second biggest purchase you will ever make, after buying a house, so it is important to consider how you intend to finance this and choose a product most suited to your needs," said Ian Larkin, head of Halifax unsecured personal loans.
"With a Halifax unsecured personal loan, you'll have no monthly repayment for the first three months," he continued. "If you're buying a car, this will allow you to pay for other essential extras such as road tax, an MOT, and car insurance."To read more about loans, click here.
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