Fewer people 'looking to buy cars'

05/09/11

By Katrina McLachlan

There has been a fall in the number of people looking to purchase a car, either new or used, a survey has revealed.

In the next six months, 5.56 million people anticipate they will buy a new vehicle, a drop of 22 per cent from the figure that was experienced between March and August this year.

According to the study, conducted by Sainsbury's Finance, the number of people looking to make the purchase some time from September to February next year is 28 per cent down on those who planned to switch their motor over the same period a year ago.

The amount which will potentially be spent by car buyers in the next six months is around £40.2 billion, while over the March-August 2011 period the anticipated amount was £51.3 billion

This current Sainsbury's Finance survey, which questioned 2,009 people, is the first since September 2009 to show a drop in the predicted amount spent on cars.

Sainsbury's Finance head of loans Steven Baillie said: "There has been a significant drop-off in the number of people who intend to purchase a car in the next six months, which may give those still planning to change their car a real opportunity to flex their bargaining power as the industry competes for custom."