Drivers put brakes on second-hand spends
Drivers are planning to spend 14 per cent less on second-hand motors in the next six months than they did during the last six-month period, according to research from Sainsbury's Bank.Although 5.48 million people plan to purchase a previously owned car, they say they are only prepared to shell out an average of £4,056 each, which is nearly £1,000 less than in the previous six months.Motor merchants will only receive £22.23 billion for their second-hand deals in the future six months, if the research is proven correct, whereas the industry pocketed £25.92 billion for the same time period prior to that.People in the East Midlands have the greatest desire for a used vehicle, with 15 per cent planning such a purchase, while people in Wales were the most likely to shun a second-hand deal as only five per cent wanted to buy second-hand.Over half of people who mentioned they were planning a second-hand purchase said they would not attempt to haggle over the price or would only "haggle slightly".Steven Baillie, Sainsbury's loans manager, said: "Our findings show that people are anticipating spending less on their second-hand car purchase compared with six months ago, so it's important that they remember to haggle when negotiating any car purchase to secure the best deal."Despite the fact that haggling can save the buyer hundreds or even thousands of pounds, many of us are reluctant to do this."
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