Carfinance247.co.uk Reveals Over 40% Of People Will Borrow To Fund Their Next Car Purchase

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27% of people surveyed will use car finance when buying their next car

80% plan to buy a used car rather than a new car – citing cost as the major reason.

Manchester, UK (PRWEB UK) 15 March 2013

The study* from car finance and dealer specialist carfinance247.co.uk found that:

•     57% plan to use cash or savings to fund a new or used car;
•     27% will use car finance;
•     10% plan to use a bank or other lending organisation; and,
•     6% say they will borrow from friends and family;
•     the same amount of males and females say they will use car finance (27% males vs. 25% females) – quite a different result compared to research** carried out last year which showed that women were twice as likely to use car finance compared to men**
•     50% of those earning over £40,000 a year plan to use car finance;
•     those aged 50-59 accounted for the highest age group (40%) turning to car finance:
•     people in the 30-39 age band were most likely to use cash or savings (67%).

The survey also showed that 80% plan to buy a used car rather than a new car – citing cost as the major reason.

Emily Henshall, Marketing Manager at Carfinance247.co.uk, says: “This research shows what we have felt all along, that cars have become a necessary item. With families spread across the country, longer commutes to work and busier public transport, these factors all point to families needing cars - and reliable updated cars at that.”

"On top of that, nearly 40% of respondents will use credit facilities to fund a car purchase, so while most debts are being controlled, a car purchase, however it is done, is seen so important to drivers that they will borrow."

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