The credit crunch seems to be only having a limited effect on Brits’ car buying plans – new research shows that they are willing to spend £300 more than they were six months ago.
The Sainsbury’s Finance Car Buying Index indicates that 6.85 million people intend to buy a car between September 2008 and March 2009, only slightly down on the 6.86 million people recorded in the previous six months.
A total of £49.6 billion is estimated to be spent on purchasing cars over the next half-year, £2.1 billion more than during September 2007 to February 2008.
Steven Baillie, head of loans at Sainsbury’s Finance, said: "Unsurprisingly, given the economic doom and gloom that has dominated much of the media for the past few months, we see little change in the number of people looking to buy a car since our last index in March this year."
The index suggests that 27 per cent of people who intend to buy a vehicle over the next six months will finance at least some of their purchase through a loan.