Consumers will spend £22.76 billion on used cars by August with 4.9 million people spending an average of £4,636 each.
Research from Sainsbury’s Finance revealed that while this is an eight per cent decrease on the six months from September to February 2008, it is still a substantial sum.
As the credit crunch continues to bite the pocket of consumers, finding the best deal is likely to become increasingly important.
Steven Baillie, head of loans at Sainsbury’s, said that buyers are likely to haggle for the best deal in the coming months.
The research found that 15 per cent of adults in the East Midlands were planning to purchase a used car between March 2008 and August 2008 while only four per cent of Scots thought that they would enter the market.
A total of 781,000 people in Greater London are planning to buy a used car accounting for 13 per cent of the region’s population.
In addition, ten per cent of the south-east is expected to enter the market with a separate piece of research indicating that they may be looking for hybrids.
Lex has released results from its analysis into the used car market and it found that the congestion charge policy found in the south-east is increasing the popularity of hybrid models in the used car market.
Andy Hartley, director of vehicle pricing at the firm, expects consumers to avoid less fuel efficient vehicles in favour of more economically viable hybrid models.
He also expected consumers who would normally buy new models to enter the used car market as the credit crunch restricts spending.