Brits ‘don’t haggle’ over new cars
April 10, 2007 by admin
Filed under News, News-Loans
British car buyers are wasting money on their personal loans by not haggling over the price of the car they are buying, according to a new report.
Research by Sainsbury’s Bank suggests that up to 386,000 people will not haggle on the price of their brand new car between March and August this year, despite allegedly being able to save up to £1,500.
The bank, which claims that around 16 per cent of people looking to buy a new car will use a personal loan as their main source of finance, has found that this overspend could add up to £611 million nationwide.
Steven Baillie, loans manager at Sainsbury’s Bank, said: “Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay and if you are financing the purchase with a loan, you also need to make sure that you shop around to find the right option for you.”
Drivers are also encouraged to shop around for their personal loan in order to get the cheapest deal, meaning they can save money on the cash they borrow to pay for their new motor.
