Second Hand Car Sales on the Rise

According to a survey published by AA Personal Loans many UK customers are taking loans to purchase second hand cars rather than opting for brand new ones in order to save money. The survey results show that almost 62% individuals are more likely to use their loans for buying a second-hand car than it was in March 2008.

Though customers are trying hard to save money in recession times, yet the total amount spend on car purchases is much the same which means people are buying more trendy models. Head of AA Personal Loans, Mark Huggins explained that second hand dealers are offering higher value cars at lower prices to make a sale along with savings of a third on certain car models.

He also states that this is the best time to spend on your dream car. However, this trend doesn’t offer good news to car manufacturers who are trying hard to sell new cars. Job cuts have already been announced by BMW at New Mini plant in Oxford.

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