Car Consumers Should ‘Shop Around’ For Finance Deals

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Car Consumers Should ‘Shop Around’ For Finance Deals

Despite further pressure on their personal finances, demand for new cars among Britons is increasing, new figures show.

According to the AA’s Deals on Wheels report, interest in new registration cars has risen by 22 per cent in the past year, despite five base rate increases by the Bank of England since August 2006. A third (33 per cent) of drivers are looking for a new car to buy over the next 12 months, compared to the 26 percent recorded at the same time last year.

The financial services provider also pointed to statistics showing that the real cost of cars had fallen by 26 per cent in the last ten years, figures which were suggested to “influence people’s decisions to invest in new to make wheels”.

In comparison, it was shown that the market for second-hand cars had fallen in recent months. Currently, just over a third (36 percent) of respondents plan to get a car that is less than three years old – a drop of 16 percentage points from the 44 percent recorded in a study taken by the beginning of 2007.

Reliability and mechanical problems are the main factor driving the demand for new cars, accounting for 32 percent of the people surveyed. Concerns about running costs of cars make up 28 percent of consumers’ reasons for getting a brand new car, compared to environmental concerns which stand at 18 percent.

Commenting on the figures, Lloyd East, head of AA Personal Loans, said: “As interest rates rise, UK consumers are starting to tighten their purse strings. But our research shows strong consumer demand for new registration vehicles before 1 September. This suggests that reasons for buying a car are not only influenced by the price at purchase.”

And with around a third of those planning to set up a car taking out personal loans or showroom finance deals to finance their purchase, Mr East suggested more people are becoming increasingly concerned about the running costs and the practicality of their vehicles. “With interest rates, the cost of buying a car on finance is increasing and it is therefore essential that people intend to buy a new or used car shop for the best deal before they head for the front yard,” he added.

Those in Scotland were revealed to be “keeping their foot on the accelerator” when it comes to buying a car, as 41 per cent of consumers in the region intend to get a new car in the next year . This compares with about 26 percent of residents in the south of England.

Overall, older Britons are driving the new car market, as 52 per cent of those over the age of 55 are set to make such a purchase. Meanwhile, a fifth of 25- to 34-year-olds are looking to do this, as younger people are much more likely to buy a used car.

Earlier this month Tim Moss, head of lending for moneysupermarket, claimed that those considering buying a new 57 registration car in September “could be taken for a ride” if they opt for a non-competitive finance product. The price comparison website suggested that consumers opting for a showroom deal instead of a cheap personal loan could end up paying £140m in extra interest payments.

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