Cash-strapped Brits opting for older carsSurvey shows extent of money-saving behaviour
15 May 2009
Britons are increasingly buying older, second-hand cars in a bid to save cash, according to the results of a new survey.
American Express Insurance Services found that, in the past year, there has been an 86% increase in the number of people planning to buy a car over three years old.
In comparison, the insurer said, 27% fewer people now plan to buy a second-hand car that is less than three years old. And while the amount of drivers planning to buy a brand-new car has not changed, the overall number of Britons planning to buy any car – new or used – has dropped by 23%.
Changing motoring habits
The survey showed that around a third of drivers would now avoid long journeys and paid-for parking spaces in an attempt to save cash. Meanwhile a quarter said they would downsize to a smaller and more efficient car, and 5% said they would switch to cheaper, third-party car insurance.
Chris Rolland, head of American Express Insurance Services, said: 'With fuel prices on the increase yet again and the economic environment still putting a strain on many household finances, people are clearly looking for ways to save money. Car insurance is one area where real savings can be made if you shop around and look online.
'However, whilst we understand people are trying to cut back by opting to buy older second hand cars, it’s worth thinking extra carefully about your insurance cover as older cars can be more prone to problems.'
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