Car loans applicants 'can find bargain deals'

Feb 6 2009

The number of people taking out unsecured Car Loans could be set to rise, with 2009 expected to be "a buyer's market" in the used car sector.

HPI's latest used car valuations index reported that average values for all 12 and 36-month-old cars increased between December and January.

However, HPI's Martin Keighley suggested that the next 12 months are still likely to bring a number of bargain deals for car loans customers.

He said that with savings accounts now "pointless" and the stock market unstable, people could look to invest any spare cash in a second-hand vehicle.

Mr Keighley added that some sectors had already shown improved confidence, with more people purchasing City, Super MINI and Small cars, but pointed out that larger cars could also prove popular.

"The massive used value falls, combined with falling fuel prices means some larger vehicles are now looking very cheap indeed to buy and run," he said.

British Car Auctions also reported a more positive start to 2009 for used car prices, with month-on-month values rising by an average of £300 in January.

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