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According to AA Personal Loans, their latest Car Purchase Index (CPI) has revealed that quality is now taking precedence over quantity in the minds of car buyers. Despite the average value of car loans remaining relatively stable since March 2008, consumers are now 62 percent more likely to purchase a second hand, or ex-demonstration, vehicle as opposed to a new one.
The CPI shows that the average expenditure of a car buyer has remained static even amid the current economic climate. 52 percent of respondents stated that they intended to purchase a ‘new second hand’ vehicle in the region of £5,000 and £9,999.
With a 31 percent drop in new car sales, consumers are taking advantage of the fact that they have more flexibility to negotiate better deals within the used car market. In addition, further figures from the second hand car market point towards some vehicles depreciating by up to 31 percent. This means that a better class of vehicle is now attainable for the same amount of money that would have been spent this time last year.
Editor of Car Dealer magazine, James Baggot, commented: “It’s been a turbulent year for the used car dealerships: not only has the industry had to deal with consumers changing their spending habits because of the credit crunch, it’s also had to compete with massive variation in fuel prices. All this has led to a shift in what car buyers look for in a second hand vehicle, such as better economy, better comfort and better performance, but crucially they’re now looking to get more for their money than ever before.
“While sales are still strong at dealerships across the country, many forecourt salesman are selling cars that would be worth £24,700 two years ago, for just £17,525 today. That’s a saving of over £7000.”
Head of AA Personal Loans, Mark Huggins, said: “The credit crunch has turned into a recession which means consumers are now looking to get even more value for money than before. As a result, second hand car dealerships across the country are finding themselves having to offer higher value vehicles at lower prices to make a sale, with savings of almost a third on certain models.
“Comparing information from the Car Purchase Index and industry figures on depreciation, it’s clear to see that while the purse strings may be drawn a little bit tighter, this could actually be one of the best times to buy a car. Now is the time to spend the pennies if you want to get the car of your dreams.”
Those who would like to make their dream car a reality, but are lacking the funds to do so, may wish to consider taking out a secured loan to make the purchase. Available to homeowners with a mortgage, this finance option could be the solution for those that are looking for the money to take advantage of the current opportunities within the car market.
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Mar 20, 2009 Comments Off
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Several key findings have come out of research recently conducted by Halifax. Commenting, Martin Ellis said, “There have been significant population movements across England and Wales during recent years. Coastal areas have proved to be popular destinations for people to move to as many people have sought to take advantage of the benefits of living near the sea.
The figures also highlight the transient nature of the population in many of our major cities. Birmingham, for example, recorded both the highest level of internal immigration and emigration in England and Wales.”
Key findings of the research are as follows:
Firstly, 80 percent of the Local Authorities (LAs) in England and Wales with the highest increase in net internal migration between 1997 and 2007 were coastal regions. It would seem that such areas are becoming increasingly popular.
Secondly, during the same period, the population of East Riding of Yorkshire saw the most significant increase in net internal migration throughout England and Wales. 35,600 more people moved from locations in England and Wales to East Riding than the number that moved from East Riding to other locations in England and Wales. This equated to 11 percent of the total population of the area in 2007. Tendring in Essex experienced the second highest increase in net internal migration at 22,300 and in third place came East Lindsey in Lincolnshire at 21,600, followed closely by Arun in West Sussex at 21,100.
Thirdly, seven of the ten LAs with the highest number of internal immigrants between 1997 and 2007 were also evident within the list of ten LAs with the greatest number of people emigrating to other parts of England and Wales.
Fourthly, the LA within England and Wales that boasts both the highest inflow and outflow of people since 1997 is Birmingham at 315,600 and 403,600 respectively. The city subsequently saw the most extensive decline in net internal migration at -88,000. Second to Birmingham came the London boroughs of Newham at -71,300, followed by Brent at -69,900 and Ealing at -57,700. Nineteen of the twenty LAs that experienced the largest net fall in internal migration can be found within cities.
Finally, nine of the ten LAs in England and Wales that saw the most extreme reduction in net internal migration between 1997 and 2007 are located in London. It must be remembered however that London’s population increased throughout this period as a result of high levels of net international migration and ‘natural change’.
Those who have recently relocated, and who are looking for finance to create their ideal living space, may wish to consider taking out a secured loan. A secured, home improvement loan could be used to fund an array of projects from fitting a new kitchen or bathroom, to extending the property. One of many options, this could be a solution for those that are looking to put a personal stamp on their new home.
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Mar 19, 2009 Comments Off
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According to new research conducted by Abbey Savings, it would seem that the British are intending to save their way through the recession. Despite falling Bank of England interest rates and the reduction in VAT, the majority of consumers are cutting back on their expenditure. In fact, only 13 percent claim that their spending has remained unchanged.
Director of Savings and Investments at Abbey, Reza Attar-Zadeh, commented: “In the current climate many people are determined to tighten their belts. It can be surprising how even making a few small changes to our way of living, such as buying a cheaper brand of food or ditching take-aways in favour of making something from scratch, can add up to hundreds or even thousands of pounds in savings over the course of a year.”
Abbey’s research revealed five key areas in which people are planning to curb their spending. 69 percent are reducing the amount that they spend on food by means of purchasing cheaper brands or by shopping at a cheaper supermarket, which is saving them an average of £17.10 per week. 61 percent are refraining from going out as much, which is saving them an average of £19.47 per week. 51 percent have decided to alter their holiday plans by going on day trips as opposed to going away, which is saving them an average of £229 annually. 46 percent are walking or cycling more rather than using the car or public transport, which is saving them an average of £17.27 per week. Finally, 35 percent have switched financial products to make savings, which is saving them an average of £139 annually. To summarise the extent of the savings being made, Britons have each lowered their expenditure by an impressive £3,168 during the course of the past 12 months.
In terms of which generation is being the most frugal, it may come as surprising news that those between 18 and 34 are tightening their purse strings more so than their seniors. Within this young group, spending has been reduced by £3,599 during the past 12 months. In contrast, those over the age of 55 claimed to have saved £2,773 of their annual expenditure.
Abbey’s research also revealed that people are most likely to reduce the amount spent on food, regardless of their location. The top three methods of saving money include opting for cheaper goods in the supermarket, reducing the number of take-aways purchased and reducing the number of meals out. These are common across all regions of the UK. However, where other methods are concerned things aren’t quite as consistent. For example, 40 percent of those living in the Midlands claim to be using their car less whereas only 20 percent of Londoners are cost-cutting in this way. Nevertheless, 31 percent of Londoners do appear to be taking advantage of nearby forms of entertainment by making the most of free services such as libraries, museums and outdoor concerts. Just 20 percent of people are doing this in the North, Yorkshire and Humberside.
Those whose finances are tight a result of the recession may wish to consider taking out a secured loan to consolidate existing debts. This finance option could be a solution for those that are juggling multiple, confusing monthly repayments. A secured debt consolidation loan could be used to tie up all those existing debts into one simple, potentially lower, monthly repayment. It should be remembered however, that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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