It has been claimed that UK car buyers that do not negotiate on the forecourt when buying a new car could be losing out on millions of pounds.
Research from Sainsbury's Bank shows that car buyers could potentially save over £1,500 when buying a new car if they haggle on the price. Car buyers who are unable to haggle they may lose out on a fair sum of money .
Steven Baillie, loans manager at the bank said, "Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay ."
He added, "Buyers using a loan to cover the cost of their purchase should also shop around to make sure they get the best deal on their finance, while the company notes that 16 per cent of the cost of new cars is funded by a personal loan ."
Financial services comparison website Moneyfacts, reported earlier in the year high competition within the personal loans market. This means that consumers have a wide choice of loans to choose from and are able to take advantage of loans with lower interest rates on offer.
