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More people planning to buy cars, research finds

By Tom Farley, Tue 24 Aug 2010 - Published in Car Insurance

The number of people in the UK who are planning on buying a new car in the next six months has reached a three-year peak, car insurance customers have been told.

Research carried out by Sainsbury's Finance revealed that 7.68 million consumers intend to purchase a new vehicle between September 2010 and February 2011.

The study also showed that the total anticipated spend on a brand new, used or pre-registration car over the period is £51 billion, which is the first time it has exceeded £50 billion since September 2007.

Steven Baillie, head of loans at Sainsbury's Finance, said: "We've been conducting our car buying index for the past seven years and our findings would indicate that the numbers looking to purchase a car are certainly starting to pick up again."

He suggested that reasons for this include people intending to purchase vehicles before the level of VAT increases in January next year.

According to figures from the Society of Motor Manufacturers and Traders, 136,446 new vehicles were registered in the UK during July, with the Ford Fiesta proving to be the most popular model.