Consumers rush into new car purchases
Published On 17 August 2007
People from the UK are not finding out how much the insurance will be on their new cars before making a purchase, a leading insurer has warned.The new '57' registration number plate is available on September 1st, but research from esure has found that 35 per cent of people from the UK do not bother to get insurance quotes before buying a new motor.
Another 43 per cent admitted that they wouldn't think to ask a car salesperson what insurance group their vehicle was in before purchasing.
The research also found that Brits are unlikely to research possible car finance deals before making a purchase. A quarter (26 per cent) said that they would spend less than an hour researching the best way to pay for their new motor.
Furthermore, many people are completely baffled by the financial terms used when looking at car finance - with five per cent believing that 'hire purchase' referred to a holiday car rental.
"As a nation we're always out for a bargain and value for money, yet motorists aren't putting this into practice when it comes to buying a new car," commented Colin Batabyal, director of underwriting and business development at the insurer.
"Being shrewd and shopping around for the best price, finance and insurance deals could slash hundreds, if not thousands off the cost of driving away in a new '57' plate."
Consumer website uSwitch recently claimed that getting a personal loan could be a more effective way to finance a new car.
