Car finance news: Weakening pound expected to reduce car sales

Current economic conditions may be limiting people's ability to buy new cars, according to one member of the automotive industry.

According to Carl Peter Forster, president of General Motors Europe, sales of new cars are being "hurt" by the weakening pound against the euro.

Mr Forster explained the company presently sells more vehicles in the UK than are built in the country.

The "weak buying power" of the pound is putting purchasing a new car "beyond the reach of many people who might otherwise be in the market right now", he added.

While some buyers may be turning to unsecured Car Loans to fund their purchases, many are expected to conduct a Used Car Search to find their latest vehicle.

Insurance firm esure recently reported that 64 per cent of motorists it surveyed said they were considering buying a used car, rather than a new one, for their next purchase.

When buying their last car, one in ten used a personal loan, while one in seven took out Car Finance from their dealer, the company discovered.

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