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According to Sainsbury’s Finance, the number of people looking to purchase a car is at its lowest level since 2005. The findings come as a result of Sainsbury’s six-monthly Car Buying Index, which keeps track of the number of prospective buyers. The volume peaked in September 2006; however there has since been a 1.75 million reduction. The number of people planning to purchase a car between March 2009 and August 2009 stands at 6.33 million, which is over half a million less than in the previous six-month period when it was recorded at 6.85 million.

In addition to a fall in the number of prospective car buyers, the index has also revealed that expected spending has also dropped significantly. It is anticipated that £42.3 billion will be spent on new cars in the next six months, which is £7.3 billion less than in the period between September 2008 and February 2009.

Consumers who would like to purchase a new or second hand vehicle in the next 6 months may find that vehicles have never been such great value and that they could be acquired at a negotiated price. Some new cars are currently selling for less than half the list price.

Head of Loans at Sainsbury’s Finance, Steven Baillie, commented: “Our latest car buying index, which has been running now for six years, sees a real dip in both the number of people who intend to buy a car and also in the amount of money they are intending to spend. For the first time in four years, we see the anticipated spend on new cars over the next half-year drop to a low of under £43 billion, representing a 39 percent decrease on the period for September 2006 to March 2009.”

Of the people that intend to buy a car in the next six months, 24 percent will rely on a loan to cover at least some of the cost. An estimated 14.7 percent of the total amount of money that will be spent on purchasing vehicles will be obtained via personal loans to the value of £6.2 billion. This marks a £2.94 billion reduction on the preceding six months.

The research also shows a 600,000 reduction in the number of people planning to buy a second-hand car. Only 4.47 million people will be looking to do so during the next six months compared to 5.10 million in the previous six months. The number of people intending to buy a new car is also down on the previous period and stands at 1.33 million. In terms of the amount of money spent on cars, 1.42 million people intend to hand over in excess of £10,000 while 327,000 plan to splash out over £21,000.

Where the geographic divide across Britain is concerned, the West Midlands is on track for an 8 percent increase in the number of people purchasing a car over the next six months. This region now also boasts higher spenders than the South East, with total expected expenditure at £9.3 million. The region with the most significant decline in the number of people planning to buy a car is East Anglia, which incidentally also has a predicted outlay of just £116 million.

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Those that are looking to take advantage of current prices in the car market, but do not have the money at hand to do so, may wish to consider taking out a secured loan. One of many options to finance a car, this could be used to cover the cost of that much desired vehicle, whether it be new or old. Prospective car buyers with outstanding debts could also take the opportunity to consolidate these at the same time. It should however be remembered when using a secured loan to consolidate existing debt, that repaying borrowing over a longer term may increase the amount paid back overall and extend the repayment period of debts.

Related posts:

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According to Sainsbury’s Finance, the number of people looking to purchase a car is at its lowest level since 2005. The findings come as a result of Sainsbury’s six-monthly Car Buying Index, which keeps track of the number of prospective buyers. The volume peaked in September 2006; however there has since been a 1.75 million reduction. The number of people planning to purchase a car between March 2009 and August 2009 stands at 6.33 million, which is over half a million less than in the previous six-month period when it was recorded at 6.85 million.

In addition to a fall in the number of prospective car buyers, the index has also revealed that expected spending has also dropped significantly. It is anticipated that £42.3 billion will be spent on new cars in the next six months, which is £7.3 billion less than in the period between September 2008 and February 2009.

Consumers who would like to purchase a new or second hand vehicle in the next 6 months may find that vehicles have never been such great value and that they could be acquired at a negotiated price. Some new cars are currently selling for less than half the list price.

Head of Loans at Sainsbury’s Finance, Steven Baillie, commented: “Our latest car buying index, which has been running now for six years, sees a real dip in both the number of people who intend to buy a car and also in the amount of money they are intending to spend. For the first time in four years, we see the anticipated spend on new cars over the next half-year drop to a low of under £43 billion, representing a 39 percent decrease on the period for September 2006 to March 2009.”

Of the people that intend to buy a car in the next six months, 24 percent will rely on a loan to cover at least some of the cost. An estimated 14.7 percent of the total amount of money that will be spent on purchasing vehicles will be obtained via personal loans to the value of £6.2 billion. This marks a £2.94 billion reduction on the preceding six months.

The research also shows a 600,000 reduction in the number of people planning to buy a second-hand car. Only 4.47 million people will be looking to do so during the next six months compared to 5.10 million in the previous six months. The number of people intending to buy a new car is also down on the previous period and stands at 1.33 million. In terms of the amount of money spent on cars, 1.42 million people intend to hand over in excess of £10,000 while 327,000 plan to splash out over £21,000.

Where the geographic divide across Britain is concerned, the West Midlands is on track for an 8 percent increase in the number of people purchasing a car over the next six months. This region now also boasts higher spenders than the South East, with total expected expenditure at £9.3 million. The region with the most significant decline in the number of people planning to buy a car is East Anglia, which incidentally also has a predicted outlay of just £116 million.

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Those that are looking to take advantage of current prices in the car market, but do not have the money at hand to do so, may wish to consider taking out a secured loan. One of many options to finance a car, this could be used to cover the cost of that much desired vehicle, whether it be new or old. Prospective car buyers with outstanding debts could also take the opportunity to consolidate these at the same time. It should however be remembered when using a secured loan to consolidate existing debt, that repaying borrowing over a longer term may increase the amount paid back overall and extend the repayment period of debts.

Related posts:

1. Second Hand Car Sales Set To Increase Research recently conducted by Sainsbury’s Finance has revealed that over...
2. Prospective first time buyers to step up their savings during 2009 According to Abbey Savings, practically two fifths of soon-to-be first...
3. 8 percent to purchase used cars this year According to Which? Car, the currently challenging economic conditions will...

According to new research by Fairinvestment.co.uk, Brits are being penny-wise amid the currently challenging economic conditions. In fact, the study revealed that 44 percent would save any extra money that came their way. This indicates a careful approach to personal finance as credit becomes less attainable.

Just 10 percent of those surveyed said that they would spend any extra money in their possession on luxury items such as CDs, clothes and make up. In contrast, 26 percent view paying off debts with such extra money as being of paramount importance. A further 6 percent would use this money to make overpayments on their mortgage. However, 12 percent would put this money towards essentials including food and utility bills.

Chartered financial planner at Fairinvestment.co.uk, Sharon Bratley, commented: “It is good to see that saving is important to so many people. However, although having a financial cushion is wise, it is also wise for people to pay off any debts they have first, which are likely to be charging high interest rates, and then save any extra cash.

“The low percentage of people who would choose to spend any extra cash on luxuries is also encouraging and suggests that Brits are being more careful with their money.

“Making overpayments on a mortgage, if allowed, would also be a smart move in the current financial climate, as house prices are falling, the more equity a homeowner owns, the stronger position they will be in if they have to re-mortgage any time soon.

“And, as the average savings account rate falls to near zero, paying off the mortgage early may work out more profitable than putting the money in a savings account.

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Those homeowners who have chosen spending over saving and as a consequence have mounting credit and store card debts, could consider consolidating these debts with a secured loan. Secured loans are one of many options to consolidate debts and this option could potentially lower monthly repayments. It should however be remembered when consolidating debts that this may increase the amount paid back overall and extend the repayment periods of debts.

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Long weekends are often a calendar highlight. The attraction of a ‘4 day week’ or ‘free holiday time’ is a big attraction for most of us. Also, because most UK bank holidays fall in Spring or Summer, it’s the perfect opportunity to take some time out, relax and spend time doing whatever you please. While there are many things that deserve a good proportion of your long weekend, one thing which could improve the value of your property and be time very well invested, is a spot of DIY. Making hay while the sun shines could pay dividends in the long run or at the very least, will improve your surroundings and environment.

Let’s look at a few improvement projects that require just a few of those precious long weekend hours. Best thing about these tips? There are loads of online resources to quite literally guide you through each project step by step. Or you could speak to your local home improvement store, they will be able to give you lots of tips and pointers. Many of the home improvement stores often run specials and promotions over holiday weekends, so you could make some big savings.

Spring Clean with feng shui…and maybe even improve your finances

This time of year is when most people decide to get their spring cleaning out of the way. Cleaning is never the most thrilling of tasks but this long weekend, why not spring clean your home with a few feng shui principles for attracting wealth in mind? Cleaning or painting your front door attracts positive energy and the colour green is often used to symbolise growth. In a similar vein, cleaning your windows allows for clarity in your vision and opportunities.
Leaky tap driving you mad? Well, now is the time to fix it. Not only is a leaky tap a waste of water, in feng shui water represents wealth so quite literally your wealth could be going down the drain. Do you have a habit of storing junk under the bed? Well now is the time to clear it out. In feng shui, anything related to work or clutter around or under your bed will give you sleepless nights so clear out all the junk and keep no more than one book by your bedside table. There are plenty of online resources for feng shui so why not add and extra layer of purpose to your spring cleaning this long weekend?

Refresh your walls

Repainting your walls is one of the quickest and cheapest ways to refresh and reinvigorate the interior of your home. Anyone can paint…and make a good job of it. It’s also fairly inexpensive. If you’ve never painted before, never fear, there are lots of online video tutorials available or ask for first hand advice from your local DIY improvement store.

Reupholster furniture

Furniture can often be quite expensive and often first time buyers will rely on hand me downs and donations from friends and relatives to furnish their first home. Also, like everything else, furniture styles go in and out of fashion or become weathered and dated. Reupholstering is a great way to reinvent key pieces and can be done on a small budget. For some reason, reupholstering furniture often seems wrapped in mystery but this needn’t be the case at all. The shape of the furniture and the fit of the existing fabric will give you all the guidelines you need to be able to update it with a new fabric. If you’re worried that inexperience may result in an expensive waste of fabric, buy some cheap cloth to use for practice. Reupholstering really is cheaper than buying new and much cheaper if you can do it yourself. Relish the challenge!

Green fingers

A garden is one of the home’s most value assets, both from a personal perspective of having your own outdoor green space to play and relax in, as well as in the eyes of any potential purchasers. After a wet and cold winter, your garden will be desperate for some love and attention as spring arrives. Cut the grass (or lay a new lawn if it’s in really bad shape), plant some seeds and think about sustainable additions such as a vegetable patch. May is the perfect month to sow tasty vegetable such as runner beans, tomatoes, carrots and broccoli. For herb and fruit gardens, April/May is the best time to plant strawberries, basil, chives, mint and rosemary. Enjoy!

These tips should give you some ideas but there are many other short weekend projects that are enjoyable and could add value and prestige to your home, with many resources at your disposal.

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According to the Citizens Advice Bureau (CAB), many of the people that are turning to them for debt advice will never be able to pay off the money that they owe. New research has revealed that CAB debt clients owe an average of £16,971 – two thirds more than in 2001. This figure represents virtually 18 times the total monthly income of typical households, which means an average repayment period of 93 years at an affordable rate.

The CAB has revealed that the volume of debt enquiries received has doubled in the last decade. With one in three of all enquiries being related to debt, this makes it the number one issue advised upon. CAB advisors are faced with an average of 7,241 new debt troubles each working day.

A thorough analysis of data from over 1,400 debt clients uncovered that practically one in three had fallen behind on their mortgage or rent repayments, or owed money on secured loans. Four in ten were also found to be experiencing fuel poverty, and a quarter had council tax arrears. More than half of debt clients were revealed as owing money on four or more household bills, which marks a 38 percent rise on 2004 when the previous research was carried out.

The number of homeowners with mortgage or secured loan arrears (45 percent) is up 30 percent from 2004, and two thirds of these would be in priority need for re-housing if they were to lose their homes. Close to one in three (30 percent) spent at least half of their monthly income on their mortgage, with one in five either having no equity in their homes or actually being in negative equity.

One in ten had a minimum of 10 credit debts such as credit cards, overdrafts and personal loans. However, over half of these people (58 percent) had no income available to them in order to pay these debts. This is a significant rise from 2004.

In terms of the causes of debt, the primary reasons were established as being low income, over-commitment, illness, disability and unemployment. In addition, irresponsible lending, inadequate financial skills and an increased cost of living were to blame.

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Where affluence is concerned, CAB debt clients are generally poorer than the population as a whole. Their average net monthly household income of £1,021 is less than two thirds of the national average. Similarly, the average spent on housekeeping per week was only £69.50 compared to the national average of £142.
Homeowners with mounting debts could consider consolidating these with a secured loan. A secured loan, one of many options to consolidate debt could be used to pay off existing credit and store cards and may result in lower overall outgoings. When using a secured loan to consolidate existing debt, it should be remembered however, that consolidating your debt may increase the amount you pay back overall and extend the repayment period of your debts.

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Spring has sprung and as many of us prepare to spring-clean our finances, esure has offered tips on how to go about reducing the cost of car insurance premiums.

1. Do not over-estimate your annual mileage. The more time spent on the road, the greater the chance of being involved in an accident. Therefore to avoid overpaying, avoid over-estimating. According to esure’s in-house statistics, average mileage fell by almost 5 percent between 2007 and 2008.

2. Do not increase the voluntary excess up to a level that is likely to be too expensive to pay straight away. The voluntary excess should be affordable; however increasing it by £50 will reduce your overall premium.

3. Add your spouse to the car insurance to benefit from the ‘family factor’, which is cheaper than simply adding a named driver. It is thought that drivers with a family will tend to behave more responsibly behind the wheel when accompanied by a loved one.

4. Always search the market to ensure that your current insurer’s renewal quote is competitive. It is possible to shop around online with the help of comparison websites such as gocompare.

5. If you have a garage, use it. The majority of insurers will offer discounts to motorists that store their car in a garage when it is not in use. This is because the possibility of theft and vandalism is then significantly reduced.

6. If you fancy a car with lots of mod cons then buy one that has them as standard rather than fitting them yourself as this could increase you insurance premium or make it more difficult to insure.

7. Pay your premium up-front rather than on a monthly basis as the latter effectively means that you have a loan with your insurer. To avoid this, try setting aside some money each month during the run up to the date on which your car insurance is due. If this is not feasible then a low rate credit card could be considered as an alternative method of payment.

8. Your initial car insurance outlay could be lowered by downgrading to third party, fire and theft. However, costs could then spiral in the event of an accident for which you are to blame.

9. Opting out of Motor Legal Protection (MLP) could be cause for regret should an accident occur. MLP enables policyholders to recover uninsured losses if they are caught up in an accident that is not their fault. For example, they may wish to pursue compensation for any injuries incurred as a result of being hit from behind.

10. Prior to purchasing a new car, check the insurance group to ensure that it is still insurable and at an affordable price. Surprisingly, 24 percent of motorists surveyed do not do this, which means they could be faced with increased outgoings.

11. Build up a no claim discount. This is the best way to reduce your car insurance premium, with many insurers going up to a 70 percent no claim discount. As this is such a significant saving, it can be worth paying a small additional premium to protect it. However, the terms and conditions should be read carefully before going ahead.

12. Be sure to match your level of cover with your requirements rather than going for the cheapest option. For example, if you would like to be able to drive somebody else’s car in an emergency then ensure that you are covered for this eventuality.

Head of Risk and Underwriting at esure car insurance, Mike Pickard, commented: “Now is the perfect time to do some spring cleaning - not just to your home but all aspects of your household finances. Savings on car insurance premiums are there to be had by shopping around and being smart when it comes to getting a quote. How you pay, who is on your policy and what excess you choose can all go some way to driving down your premium.

“When motorists shop around for car insurance, price is usually at the top of their minds but having a good quality product is key as well as good value. If the unexpected does happen, drivers could fall short of some of the policy basics if they don’t check their level of cover so it’s worth reading the small print and not scrimping where it matters.”

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Homeowners that are looking to spring clean their finances may wish to consider taking out a secured loan. One of many options to consolidate existing debts, this could be ideal for those that are juggling multiple, monthly repayments on loans, credit cards and/or store cards. A secured loan to consolidate debts could be used to place confusing repayments into just one manageable, 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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Home prices in the Hamptons, the oceanside getaway of celebrities and Wall Street financiers, plummeted in the first quarter as the financial crisis cut demand for vacation properties.
The median price fell 23 percent from a year earlier to $675,000. Sellers offered average discounts of 11 percent off their asking price, up from 9.6 percent in the year-earlier quarter, New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today in a report.
“The primary reason is linkage to Wall Street,” said Miller Samuel President Jonathan Miller. “You’ve got job loss, anticipated job loss, as well as lower compensation and anticipated lower compensation. There’s less of an urgency for people who aren’t affected by that to buy.”
About 23,300 Wall Street employees lost their jobs in the year through February as banks worldwide posted losses and mortgage-related asset writedowns of $1.3 trillion. The credit crisis that claimed Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Bear Stearns Cos. also pushed bonuses down 44 percent in 2008, state Comptroller Thomas DiNapoli said.
The number of homes for sale in the Hamptons, about 100 miles east of New York City, rose 15 percent to 1,673 properties in the first quarter, the largest year-over-year increase since Miller Samuel began keeping records in 2004.

Cutting Prices

The Hamptons are known for multimillion-dollar beachfront estates and homeowners there have included comedian Jerry Seinfeld, real estate developer and publisher Mortimer Zuckerman and billionaire Ronald Perelman. The area is comprised of more than a dozen towns and villages including Amagansett, Water Mill, Bridgehampton and Sag Harbor.
Damon Liss, a Manhattan interior designer and real estate broker for the New York-based Corcoran Group, has been trying to sell a three-bedroom East Hampton cottage since January.
Liss renovated the house, added a swimming pool and new oak floors and then listed it for $1.33 million. In April, he cut the price almost 10 percent to 1.2 million.
“The lower the price the more likelihood it’s going to sell,” he said.
Motivated sellers will follow, Dottie Herman, chief executive officer of Prudential Douglas Elliman, said in an interview.
Dead Market
“In January and February there was basically nothing going on,” Herman said. “There are probably people in the financial sector that really have to cut back.”
In the three months ended March 31, transactions declined 54 percent to 145 properties in the Hamptons. Prudential’s data covers the South Fork of Long Island from Westhampton to Montauk.
In neighborhoods that are close to the ocean where properties sell at a premium, the median home price dropped 45 percent to $637,500 from the year earlier quarter, Miller Samuel said. That’s the biggest decline among all Hamptons neighborhoods and is known as “south of the highway.”
Homes north of Route 27 declined 8.7 percent to $685,000. The median price of homes east of the Shinnecock Canal declined 37.6 percent to $760,000.
Not Happy
The overall drop in sales is the biggest decline since at least 1992, said George Simpson, owner of real estate data company Suffolk Research Service Inc.
“It’s not a very happy place out here,” Simpson said in an interview.
The dollar value of all Hamptons transactions in the first quarter plunged 62 percent form a year earlier to $298 million, according Suffolk Research.
In the luxury market, the top 10 percent of all sales, the median price slid 25 percent to $4.09 million. The number of sales fell to 20 from 40 in the prior year and there were 470 luxury properties on the market in the first quarter.
In a separate report issued today, Miller Samuel and Prudential said the median sales price in New York’s Nassau and Suffolk counties fell 13 percent to $355,000.
The number of sales declined 18 percent to 2,872 and homes stood on the market 134 days before being sold. The data excludes the Hamptons. In Nassau county alone, the median price fell 12 percent to $396,000 and in Suffolk it declined 13 percent to $315,000. To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.

With the Easter and summer holidays approaching, Moneynet.co.uk has offered a word of warning about the cost of debit card transactions whilst out of the country. Using a debit card in the UK is free of charge, though this is not the case elsewhere – a fact that is often overlooked by holidaymakers.

In addition to conversion fees from 2.75 percent to 2.99 percent, withdrawal charges from £1.50 to £5.00 are also incurred when making cash withdrawals abroad. However, the charges that most surprise holidaymakers upon their return are those incurred for purchases that are subject to the conversion fee and an additional £1.50 per transaction.

At a time when the pound isn’t particularly strong, thus resulting in holidaymakers facing substantial expenses right off the bat, the last thing they want is unnecessary debit card charges to boot. Therefore, it is best that all possible fees are investigated before heading off for that much-desired rest and relaxation.

If charges are understood prior to heading for sunnier pastures then spending patterns can be considered in advance and adapted to suit. For example, cash withdrawals could be kept to a minimum whilst away to avoid shelling out £1.50 to £5.00 a time. Such charges may seem meagre in the grand scheme of things but, when incurred on regular basis during the course of week or two, they can amount to a significant sum.

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As the Easter and bank holidays approach, some homeowners may chose to carry out vital home improvements in favour of travelling abroad on holiday. Those looking for finance to cover the cost of home improvements could consider a secured loan. One of several options to finance home improvements, a secured loan could be used for large scale projects such as extending upwards and outwards, as well as smaller scale projects to refresh a current property. A secured loan could provide homeowners who need more space with the opportunity to stay in the home they love and to make it better suit their needs.

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I am not an environmental nut job but I have gotten out of the BAD habit of using plastic bottles and no longer us my private jet to fly to China for good food. Seriously, this vote and policy is a great move forward for clean energy. Take care and make it a great day.