Millions' plan to buy a new car

One in five adults in the UK plan to purchase a car before March next year, according to a poll by Sainsbury's Bank.

If all the prospective car buyers go ahead with their plans, some 9.8 million motorists could be heading to car showrooms and the classified pages. The survey also revealed that as many as 4.3 million drivers intend to buy a brand new vehicle in the next six months.

The findings reveal a surge in interest in entering the new car and used car markets, up by 3% compared with when the survey was last undertaken. The results also revealed a gender divide with more men (27%) than women (24%) planning to buy a car in the near future.

This disparity between the sexes was further highlighted when people were asked how much they were planning to spend.

On average, men had a budget of £11,948, whereas women planned to spend £8,003.

Men are also more likely to use car finance for their purchase and plan to take out larger car loans.

Just over a third of male buyers plan to take out car credit and they expect to borrow 20.3% of the value of the vehicle.

This compares to three in ten women who plan to take out a car loan at an average of 15.5% of the value.

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