Spending on cars rising in UK, loans company reveals

Wed, 23 Aug 2006

UK motorists spent £36.4 billion on new and used cars last year, according to research from a loan provider.

This represents a £13.8 billion rise from 1995, when the total spending was £22.6 billion, the study by Halifax Unsecured Personal Loans shows.

The average spend per household has also risen, from £992.8 to £1490.3, the figures reveal.

Total spending on motor vehicles has risen by 60 per cent, although price of cars on the forecourt has decreased by six per cent over the same period.

Ian Larkin, head of Halifax Unsecured Personal Loans, comments: "Buying a car is probably the second biggest purchase you will ever make, after buying a house, so it is important to consider how you intend to finance this and choose a product most suited to your needs.

"With a Halifax unsecured personal loan, you'll have no monthly repayment for the first three months."

The Halifax research also shows that buying a car is the second most common reason for applying for a personal loan.

Meanwhile, uSwitch recently warned that more than half a million UK borrowers could be paying more than is necessary for their loan.


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