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New survey reveals 1 in 4 adults looking to buy a new car this year

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A new survey conducted by Sainsbury’s Bank reveals that 23% of adults are looking to buy a new car before September 2015. 42% of those looking to buy a new car are expecting to use a loan or finance to fund at least part of their new car.

The figures, provided by the Sainsbury’s Bank car buying index, show that over one in five adults are considering the purchase of a new car, the same number as this time six months ago. This could be driven by the strength of the UK car market meaning better deals are available, with more lending options available as a result. For example, here at Creditplus, we now have over 90 lending options to compare for our customers when they apply.

Further research conducted by Steph Savill of Foxy Lady Drivers revealed that 28% of men are considering the purchase of a new car, compared with 17% of women.

Using a car loan

The interesting figure is the 42% who will be looking to fund at least part of their new car with finance or a car loan. The average amount they are willing to pay is £10,290, down 9% from six month ago where the amount was £11,249. Our latest monthly figures shows that Creditplus have been funding an average of £12,854 to our customers. When you combine this with the average deposit of £1,261, it comes to an average amount of £14,115. This may reflect the higher value of the cars our customers are financing, or that our finance rates make applying for a higher amount more attractive.

The figures released by Sainsbury’s Bank also show that out of those looking to use some form of car finance to fund their car, 25% are looking to use a PCP agreement (Personal Contract Purchase), whilst another 25% were interested in using a Hire Purchase agreement.

Have you given your car a nickname?

Another survey from Sainsbury’s Bank revealed that 35% of car owners give their car a nickname. Popular choices include Bessie, Betsy, Ruby and Susie. Refreshingly, there are some male names such as Monty and Boris, a change from the tradition of men giving their vehicles a girl’s name. This is not a new trend for Creditplus, I even gave my doomed Punto a nickname. 22% of those surveyed said the number plate inspired the name, whilst 20% said the name was entirely random, and a further 16% said it was based on the car colour or size. 12% cited a celebrity or famous character as inspiration, whilst 8% named their car after friend or family. Whether that’s a compliment or not depends on the car.

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