Used Car Sales Set to Rise in Next Six Months

Research has revealed a 47 per cent increase in theloan to partially or completely fund their purchase.
number of people looking to by new or used cars inIndustry analysts believe that people are likely to spend
the near future. – despite the end of the scrappagea total £14.9 billion over the next six months, reported
scheme – is set to continue in the coming sixAuto Trader magazine. This is a rise of 25.9 per cent
months," he told the magazine.compared to the past six months and the highest
People looking to take advantage of bargains on theprojected sum since September 2008, it said. Of this
used cars market will find finance more readilycash, some 15 per cent would be the result of
available over the next year, according to a newpersonal loans, said Sainsbury's Finance head of loans
report by accountants Deloitte.Steven Baillie.
The firm said that nearly two thirds of car makers"Recent figures showed a significant rise in new car
surveyed believe that the amounts of cash which aresales in February and our index suggests the trend
available to be borrowed, will remain the same or even"There are concerns that continued financial instability
improve over the next 12 months.as well as uncertainty over the coming election will put
The optimistic figures emerged as new figures basedpeople off buying new or used cars. However, the
on the Sainsbury's Finance car buying index showed adecline in new car sales in 2009 seems to have
47 per cent rise in the number of consumers whogenerated a better market for second-hand sellers.
planned to purchase new or used cars between nowThe likelihood is that many people will now be surprised
and November. Some 24 per cent of theseat how much they can get for their existing car and
respondents said that they would be seeking a carwill be looking to upgrade.