Almost one in four adults are considering buying a new car within the next six months, a new survey has revealed.
Research by Sainsbury’s Bank has found 23 per cent of adults are thinking about changing their car before September. It also discovered that the average spend of a car purchase will be £10,290, which is nine per cent lower than six months ago, when the average was £11,249.
While the average spend might be decreasing, the figures show there is still a lot of activity taking place within the UK's car dealerships. And for these businesses that are constantly welcoming in new people through their doors, it is important to remember that they must have public liability cover as part of their combined motor trade insurance policy - this will offer financial protection if any potential car buyers should suffer an accident while on the premises.
Sainsbury’s Bank's car buying index tracks the car buying activity in the UK. One of the key findings was that consumers are increasingly choosing a loan or other finance to pay for a vehicle, with 42 per cent of car buyers intending to use some form of finance, a two percentage point increase on six months ago.
Simon Ranson, head of banking at Sainsbury’s Bank, said: "The number of people who are planning to buy, and the amount of money they propose spending, looks pretty steady compared to six months ago. It is certainly a great time to buy."