People 'opting for used cars'
Published On 30 May 2007
More and more people are using car finance deals to purchase used cars, according to new research.The global information solutions company, Experian, found that younger drivers were particularly likely to buy a second-hand vehicle after securing car finance. For these buyers, the reputation of the seller is of vital importance.
Kirk Fletcher, the managing director of the company's automotive division, explained: "More car buyers are turning to cheaper, older cars, so it will come as no surprise that younger buyers are the most likely to go for an older model.
"However, with older cars there are potentially more problems, so being able to buy one from a trustworthy source becomes more important.
"It could be argued that older car buyers are focused more on what the car would say about them, while the results suggest that the young are more concerned about getting value for money and not getting ripped-off."
The study also found that younger car buyers were more likely to carefully research their car on the internet before purchasing it. Over half (55.7 per cent) of the 18 to 24 year olds questioned said they looked up potential cars online, compared to just 32.3 per cent of those aged between 45 and 54.
Separate figures from Experian show that over 1.7 million used cars were sold in the UK in the final quarter of 2006.
