More than one in five adults (23%) in Britain are thinking about buying a car over the next six months, the latest figures from Sainsbury’s Bank car buying index has revealed.
The research was conducted by ICM Unlimited, which interviewed a random sample of 2,004 adults in February 2015.
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Among those considering buying a car over the next six months, the average amount each individual anticipated spending was £10,290. This was 9% lower than the amount recorded six months ago, when the average was £11,249.
According to the report, the fall came as a result of those looking at new cars. Those intending to buy a brand new car anticipated spending £14,831, 7% less than the previous half year.
In comparison, people interested in buying a second hand car said they intended to spend an average of £7,314, 10% higher than the previous six months.
The research also revealed that consumers are increasingly choosing finance or a loan to pay for a vehicle.
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By GlobalData25% of the respondents said they would use a personal contract purchase plan, an increase of 5% on the previous six months, and 22% an HP agreement (up 4% compared to September – February).
