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Unwillingness to haggle 'costing car buyers dear'

Published: 04/11/2009

Many people who plan to take out a personal loan to fund a car purchase will spend more than they need due to an unwillingness to negotiate over the vehicle's price.

This is the main finding of a new report from Sainsbury's Finance, which revealed that 121,000 of the 1.14 million likely car buyers between September 2009 and February 2010 will not haggle.

The provider also revealed that around 26 per cent of the funding used to make the purchases will be personal loan finance and that negotiating over prices can cut vehicle costs by up to 50 per cent.

Steven Baillie, head of Sainsbury's Loans, said: "From the buyer's point of view this means that now is a good time to negotiate a significant discount on the price of a new vehicle.

"Our research suggests that with stereotypical British reserve, many of us don't haggle hard despite the big savings that can be made, so we'd urge car buyers to give it a go."

Car sales for September 2009 fell by around 20 per cent from the same month the previous year, according to data from the Society of Motor Manufacturers and Traders.

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