UK retirees racing to buy cars, claims personal loan company

Thu, 22 Jun 2006

UK residents are twice as likely to buy a car after reaching retirement , according to research by AA personal loans.

More than 40 per cent of UK resident over the age of 50 are planning to buy a new car , which compares with less than a quarter of those under 50.

AA Personal loans asked around 4,000 UK residents about the possibility of buying a car as part of their Deals on Wheels reports.

The figures show that 21 per cent of UK drivers plan to buy a new car in the next 12 months.

Of these, 30 per cent will by a new vehicle , while 65 per cent will opt for a second-hand car. Lloyd East, general manager of AA personal loans, commented: "With increasing costs of bringing up a family, people under 50 are finding it more difficult to afford the luxuries in life.

"Although buying a brand new car offers the peace of mind that it has a full guarantee and manufacturer backup, choosing second hand can be a financially savvy decision."

Mr east continued that buying a car with an AA personal loans would earn the consumer a free six-month warranty on second hand vehicles.

With this summer's World Cup , many drivers may wish to take their new vehicle to Germany.

Churchill car insurance recently warned Brits to be sure they are aware of the rules of the autobahn, as an accident could leave them with a hefty bill.

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