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Welsh car owners among most cash-strapped in country
publication date: Jan 13, 2010
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author/source: Robin Roberts
Cash-strapped Cardiff motorists are among the most likely in Britain to be selling their car because of “financial difficulties” it’s emerged in a national survey. They share the plight with drivers in Newcastle and they are worse off than car owners in Leeds, Liverpool and Manchester where 7% said they were struggling to pay bills. Figures released today from webuyanycar.com show that almost 50% of people selling cars in Cardiff during the second half of 2009 did so to reduce the number of cars in family ownership. A total of 42.46% of sellers between July and December cited this as their main reason for selling. In the same period, over 10% of Cardiff drivers said they were selling because of “financial difficulties”, while anecdotal evidence from the UK-wide car buying company indicates the numbers of people selling because of financial worries after Christmas and heading into the new year has risen further still. Site webuyanycar.com is the UK’s largest car buying company and in 2009 the company bought tens of thousands of vehicles from private individuals through its many branches across most towns and cities nationwide. Jeremy Herbert, Head of Operations at webuyanycar.com, said, “Financial worries are often paramount at this time of year and the current climate has caused many families to consider alternative ways to raise a few extra pennies. “A significant number of people selling their car last year were been doing it specifically to reduce the number of vehicles in their household and we saw a very clear rise in the run up to Christmas as more people cashed-in their second cars to generate some extra money. “The message has been coming through loud and clear from customers that more and more people are worrying about the continuing impact of the recession and are looking to unlock the value held in secondary vehicles.” A spokesman for accountancy firm Grant Thornton added, “It is clear that despite global signs of improvement, people in the UK are still conscious of issues like job security and personal debt. Families are looking at means of reducing long-term spending and overheads; this is not just about short-term worries, but also adopting more sensible personal budgeting at the expense of extravagances of past. “After mortgage and utilities bills, motoring tends to be one of the single biggest costs for most family budgets. Selling a car saves thousands in tax, insurance, running costs and petrol so it is a relatively sensible approach for struggling families.” |
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