Drivers Spend More Money

Over the period of the recession and the economy crumbling many where reluctant to fork out a large amount for new cars so they bought old used ones or cheaper new ones rather than going for the top end stuff, which is understandable. It’s a good sign for the economy, motorists are now taking more confident steps towards setting aside more money to pay for their next car, according to new studies. Little things like that are a sign that the economy is recovering and is showing improvement as people have the money and savings to now pay a large sum for a brand new 13’ plate car.

The study has suggested that 27% of those who are buying a car are now willing to spend over £25,000 compared to only 23% in November last year, 4% might not seem like a lot but it is a large increase in terms of economy. Furthermore 14% of people think they will spend over £20,000 on their car and 22% over £15,000 with the other 24% over £10,000 and 13% over £5,000, for the most part it looks like motorists that need a new car this year are set to splash out.

More figures are pointing in the right direction also with nearly a fifth of people planning to buy a car through dealer finance which is double the percentage that was found in November last year. A fifth of the buyers are expecting to pay a figure of around £200-£249 while almost the same are planning to spend a modest £150-£199 per month with the rest of the drivers wanting to get a lower figure all together. More than three quarters of all consumers (77%) are planning to have their vehicle changed in the next three years when this figure was only 72% in November last year again showing improvement, it’s evident that more people are delving deeper into their savings because they are feeling more confident that they have the funds to spend.