Used car market set to soar

Jun 1 2009

New figures from Sainsbury's Finance have suggested a growing number of people are planning to invest in a used car over the months ahead.

As the recession results in more people looking to downgrade, Sainsbury's Finance has said as many as ten per cent of the British adult population plan to buy a used car in the six months up to the end of August 2009.

The massive figure demonstrates the huge growth in the popularity of used cars, as more people look to cut costs and are refusing to splash out on a new vehicle because f the impact of the global recession on their finances.

"It's important buyers remember to haggle when negotiating any car purchase, as haggling can save the buyer hundreds or evens thousands of pounds," said Steven Baillie, head of Sainsbury's Loans.

"Despite this our findings show that nearly half of people who are intending to buy a second-hand car in the next six months say they do not plan to haggle or they may only haggle slightly," he added.

The government has recently introduced a scrappage scheme that offers drivers of old cars up to £2,000 to scrap that vehicle and replace it with a new version.

It is thought the initiative could result in fewer people looking at the used car market in future.

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