Avoiding debt: 10% buying second-hand cars

According to Sainsbury`s Finance, around 4.5 million people (10% of adults) in Great Britain plan to buy second-hand cars in the six months leading up to the end of August this year.

The average spend is expected to reach £4,487, which collectively amounts to around £20.06 billion, according to TNS (Taylor Nelson Sofres).

The research conducted by TNS also found that the second-hand car market is in decline, with a 12% decrease in people planning to buy one, compared with the previous 6-month period. This indicates that `there are fewer buyers with less money to spend`.

A debt management expert for Gregory Pennington commented that: "Buying a second-hand car could be a sign that people are being cautious, but it`s important to consider the expenses they may incur - maintenance and repairs - that might be less likely to arise with a new car. Buying any car represents a major financial commitment and someone who`s worried about getting into debt may wish to consider public transport or other alternatives."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.