(1888PressRelease)
May 15, 2007 - According to new figures, nearly one million people in the UK will take out a loan in order to buy a second hand car in the next six months.
Sainsbury's Bank reports that almost 5.5 million people in the UK are planning to buy a used car and at least one in six will actually take out a loan to fund their purchase.
That is, nearly 931,600 individuals will avail credit assistance to buy a used car in the months to come.
Research reveals that on average buyers are expecting to pay less now for a used car than six months ago – £4,056 and £5,018 respectively.
According to Steven Baillie, Sainsbury's loans manager, “People are anticipating spending less on their second-hand car purchase compared with six months ago, so it's important that they remember to haggle when negotiating any car purchase to secure the best deal”.
According to a research carried out by Sainsbury's Bank, most people end-up paying too much because they are reluctant to haggle over the price and simply pay what is asked.
The company also claims that a significant number of people do not shop around for the best interest rate and so may end up paying far more than they need to on their loan.
Mr. Baillie said, "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".
"Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay”, he added.
http://www.chance4finance.co.uk
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