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Debt fears keeping car sales low
01/09/2008 17:07:00
The "economic doom and gloom" and rising numbers of those in debt have led to the amount of people intending to purchase a new car over the next six months remaining at a three-year low, research shows.
In the next half year, 6.85 million people plan to buy a new vehicle, statistics from Sainsbury's Finance Car Buying Index suggest.
This is a decrease of 10,000 from the total intending to buy a car between March to August and a fall of one million from this time last year.
Head of loans at Sainsbury's Finance Steven Baillie claims this is due to economic pessimism in the media.
Research shows over a quarter of those intending to buy a new car intend to go into debt to raise the money.
This equates to £9.14 billion of additional debt being incurred over the next six months.
Earlier this month, Moneyfacts.co.uk warned insurance buyers a poor choice could cost them 14 per cent of their vehicle's price.
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