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Women choose to save for new cars
Published: 22/08/2006 |
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Women are far more likely to men to save for a car rather than relying on a personal loan to purchase a new motor, a new report shows. A poll by AA Savings indicates that more than a third (37 per cent) of motorists plan to buy their new car using cash they have saved, with female drivers 14 per cent more likely to save for a vehicle than men. The quarterly study indicates that the number of people planning to use savings to buy their next car has risen by a third since the start of the year and just 17 per cent of car buyers intend to use a personal or car loan to buy a new motor this September. The number of women planning to dip into savings for a new car purchase has soared to 40 per cent, almost double the 21 per cent expecting to do so in January this year. "It's clear from these findings that women are thinking well ahead by saving for their next car," Lloyd East, general manager of AA Savings, said. "Men are more likely to cash in investments or use funds in their current account." British drivers are expected to spend £60.7 billion on cars following the September number plate change, £22.5 billion of which is likely to be savings. The AA estimates that 400,000 new cars, costing an average of £13,000, will be bought and registered in the UK after the licence plate change next month.  © Adfero Ltd
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