Brits have shown they are keen to save money when purchasing their next car, as one-fifth intend to buy a second-hand motor compared with just 17 per cent who want new wheels.
Sainsbury’s Bank Car Insurance revealed 40 per cent are planning on buying a car in the next two years, with 22 per cent of these opting for a used vehicle instead of a brand new one.
Head of insurance at Sainsbury’s Bank Karen Hogg said: “It’s encouraging to see many drivers being smart with their cash and identifying the impact new registration plates have on the cost of older cars.”
According to the research, 23 per cent of those looking for second-hand vehicles are waiting to make their purchase in April or October so they can get a lower price. This is because new registration plates are released in March and September each year, pushing down the value of older vehicles and making them cheaper to buy.
This is a tactic most commonly used by 18 to 34-year-olds, with 37 per cent of this age group intending to wait to make their purchase, while just 12 per cent of those 55 and older do this.
Unsurprisingly, the main reason why drivers wait to buy their second-hand car is to get a better deal (41 per cent), while 21 per cent think they will get a bigger choice of cars if they look in April or October.
Many motorists who are trying to save money on the cost of the car will have been pleased to hear Prime Minister Theresa May confirming fuel duty will be frozen for the ninth year in a row.
May recently spoke at the Conservative Party conference, with Sky News reporting her as saying: “For millions of people, their car is not a luxury. It’s a necessity.”
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