Car buying 'falls to 4-year low'

The number of UK adults who plan to purchase a new car over the coming months has fallen to a four-year low, new statistics have revealed.

This is despite now being a good time to buy a vehicle as they have "never been such great value", according to Sainsbury's Finance.

However, its latest car buying index showed that over the next six months, £42.3 billion is expected to be spent on new cars, representing a £7.3 billion drop when compared to the previous report covering September 2008 to February 2009.

Head of loans for the company Steven Baillie commented: "We see the anticipated spend on new cars over the next half-year drop to a low of under £43 billion."

The research found that of those who are planning to invest in a new motor, 24 per cent intend to use loans to help them afford the purchase.

In related news recently, car insurance firm Rias stated that drivers are using cost-cutting measures such as accelerating and braking gradually to save on fuel and money.