Consumers advised to be savvy on second hand car purchasing
By not haggling on the price of a second-hand car consumers could be losing out on thousands of pounds, it has been suggested.
According to Sainsbury’s Bank, an unwillingness to bargain and a failure to know the market value of a vehicle could see many Britons spend their motor loan ineffectively.
Loans manager Steven Baillie said: "Despite the fact that haggling can save the buyer hundreds or even thousands of pounds, many of us are reluctant to do this.
"Our findings reveal that over half of people who are intending to buy a second-hand car in the next six months state they do not plan to haggle or will only haggle slightly."
The news comes as Sainsbury’s Bank reveals that some £22.23 billion is set to be spent purchasing second-hand cars in the six months leading up to August, a fall of 14 per cent from the £25.92 billion recorded between September 2006 and February 2007.
With 17 per cent of these purchases set to be financed through a Personal loan, Mr Baillie advised borrowers to take the time to shop around for the best deal possible.
Meanwhile, a study by Zurich reveals that drivers could find the costs of their car loan increasing as day-to-day motoring costs have risen to an average of £1,776.62 per year.
Interfinancial providing you with breaking motor loans news.