Wednesday 25 April 2018

More than 454,000 drivers are on economy drive with used cars

Eddie Cunningham

Eddie Cunningham

WHILE buyers of new cars were notable by their absence for much of the year, new figures show close on half a million bought a used vehicle.

The figures reveal that 454,823 people bought second-hand during the first six months of the year.

The Motoring Report highlights how we are holding on to our cars for longer – the average age is just over eight years.

With money tight, it is hardly surprising that 78pc of those surveyed hope to borrow to buy their next car.

No surprise either that more than one-in-10 (11pc) had previously been turned down for car finance.

Three-in-five (60pc) said they would take out a loan, 19pc would lease and 13pc are thinking about a personal contract plan (PCP).

Of those surveyed, just 11pc had been previously turned down for car finance.

Only 2.2pc said they would consider buying a hybrid or electric car.

Top of the shopping lists is the Volkswagen Golf, followed by the BMW 3 Series and 5 Series and the Audi A4.

Most searches were for diesels (84pc).

And that is directly as a result of the two main concerns being fuel

costs and road tax – diesels tend to, though not always, cost less to run even if they cost more to buy.

The bi-annual index tracks trends in new and used car markets here.

Irish Independent

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