Cost Of Buying A Car Rises 17%

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01 Apr Cost Of Buying A Car Rises 17%

The idea of using an executive coach hire for you and your colleagues to get to work may sound more appealing than ever, after it was revealed cars have significantly increased in price over the last year.

According to Sainsbury’s Bank, prospective car buyers are planning to spend as much as £12,034 on average for a vehicle.

This represents a 17 per cent rise from 12 months ago, when the typical cost of a new motor was £10,290.

Simon Ranson, head of banking at the financial services provider, said car sales in 2015 were high due to a competitive cark market, low loan rates and good deals.

“We would highlight that having ready cash, whether from a loan or elsewhere, can help secure the best price when negotiating for a car from anywhere – be it online, a local dealer or directly from the owner,” Mr Ranson advised.

While all cars are increasing in cost, none more so than brand new vehicles. The average cost of a never-before-used motor is £17,708, a price growth of 19 per cent from a year ago.

However, second-hand cars have declined in price by 22 per cent, falling from £7,314 to £5,730. This could be due to the special deals on new cars and the fact that 30 per cent of those looking for a new vehicle within the next six months said they are more confident about their finances.

After shelling out a significant amount for a car, drivers also have to take other costs into account, including parking, insurance, road tax, petrol, MOTs and repairs.

According to recent research from Santander Credit Cards, a full time worker typically spends £1,087 just to get to work and back each year.

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