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Millions of Britons to splash out on new cars

16/10/2012

Millions of people across the UK intend to purchase a new car over the next six months and many will consider taking out a loan to cover the cost.

Almost ten million Britons will splash out on a new or used vehicle between September 2012 and February 2013, the research from Sainsbury's Finance revealed.

While nearly a quarter of men will dig deep into their pockets to fund the purchase of a new motor during this period, just 17% of women intend to do the same.

Similarly, men plan to spend an average of £11,948 on their new ride, while women typically expect to dish out £8,000.

In order to cover the cost, the average buyer expects to borrow 18.3% of the price of the car, highlighting the importance of finding the best loans on offer.

"People are planning to borrow a total of £18.2 billion between September and February to finance new or second hand vehicles," said Steven Baillie, Head of Loans at Sainsbury's Bank.

"Car buyers should remember to shop around for the loan that offers them the best value when buying a new or used car as it can save them a significant amount."