3.7 million Plan to Buy a Second Hand Car Before February 2010
It is common for people to purchase second hand cars, with people hoping to save money on vehicles by avoiding brand new motors, whilst other road users hope to sell on their car and pay towards a new one.

Sainsbury’s Finance is indicating that in the six months leading up to the end of February 2010, around 3.7 million people plan to buy a second hand car, with the average price amounting o £5,323.
As a result, the car insurance company is urging motorists to be aware of their car’s value, particularly if they are planning on selling it on.
The findings come from research carried out by TNS on behalf of Sainsbury’s Finance, which showed that the figure of 3.7 million people is down from 4.5 million people who planned to buy second hand cars in the previous six month period. The findings were split down into different UK regions, which demonstrated that more people in Scotland were planning on purchasing a second hand vehicle, with 15% of the adult population making plans during the six month period, a total of 633,000.
The North West of England showed the lowest percentage of the adult population planning on buying a second hand car, with 3% of the adult population (179,000) making such plans. However, this is actually more people than the North East, where only 93,000 were planning to buy a second hand motor, accounting for 4% of the population.
“Our research suggests that less people intend to buy a second-hand car in the coming months,” says Steven Baillie, Head of Loans for Sainsbury’s “which may be partly due to the Government’s car scrappage scheme encouraging more people to buy a new car instead.
“Indeed, we estimate that the scrappage scheme is directly responsible for a 37% increase in the value of personal loans taken out to purchase cars since its introduction [based on personal loans data].
He encourages people to do their homework when it comes to buying a car and this applies to both buyers and sellers, “Sellers should for example ensure they understand the car’s value in relation to the market so that they get the best deal – valuation calculators can be found online.
“Buyers should remember to haggle, which can save them hundreds or even thousands of pounds, and if they are financing their purchase through a loan, they should shop around for the best loan rate available as well.”
Source: Sainsbury’s Finance Press Release