The number of people likely to buy a car over the next few months is on the increase.
And would-be purchasers are expected to pay more for their new vehicles than they did earlier this year, a survey by Sainsbury’s Bank found.
A total of 7.85 million people plan to buy either a new or used car before the end of February next year.
This is an increase of 200,000 on the total for the period March-August.
Consumers plan to spend £58.6 billion on changing their vehicle over the next few months – a £5.4 billion increase on the March-August figure.
Spending per buyer for the period September to February next year works out at an average of £7,463.
New or used cars
People living in south-east England (excluding Greater London) plan to spend the most – forking out £13 billion on a new or used car over the next six months.
In contrast, consumers in East Anglia intend to spend only £2.3 billion on a motor.
Sainsbury’s Bank head of loans Steven Baillie said: ‘It’s interesting to see that the significant drop in the numbers looking to purchase cars witnessed back in March appears to have been a short-term dip, with our recent findings revealing an increase in people looking to purchase a car over the next half-year.
‘Although there would appear to have been some recovery in consumer confidence, the most recent index still represents a decrease of over £10 billion in total spend on new cars compared with the same period a year ago.’
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