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Trade warned of serious slump coming
publication date: Sep 3, 2009
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author/source: Robin Roberts
The latest findings from the Sainsbury’s Finance Car Buying Index, which tracks the number of people planning to purchase a car on a six-monthly basis, indicates that the number of people planning to buy a car is at its lowest level since the bank first launched the index in March 2003. The number of consumers intending to purchase a car is down by 2.94m on its peak in September 2006. The research indicates that 5.14 million people intend to buy a car during the period of September 2009 to February 2010, which is down by some 1.19 million (19pc) on the 6.33 million people cited in the preceding six-month period. The economic uncertainties witnessed during 2009 have also seen the expected spend on a new car drop to an all-time low, with the anticipated spend dropping to £39.0 billion, the first time the index has seen expected car buying spend fall below £40 billion. This also represents a £3.3 billion decrease on the previous March to August 2009 anticipated spend. Despite the early success of the Government's car scrapping scheme, this latest Sainsbury's Finance Car Buying figures reveal that the number of people planning to purchase a brand new car in the next six months is down to just 1.1 million; a decrease of 21pc on 12 months ago. However, a decline in brand new car sales has prompted an increase in the value of second-hand car sales, which are growing in popularity as people look to save money, and Sainsbury’s Finance anticipates that people looking to delay buying a car in the next six months will be tempted back once they find out how much they can achieve for their existing car when they look to trade up. |
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