Used car sales in the UK are set to reach 5 million by February 2009, according to new research.
A study conducted for Sainsbury's Finance revealed that around 5 million people plan to buy a second hand car in the six months leading to February, with UK buyers spending an average of £5,005 each or collectively around £25.5 billion.
The figure represents a 12 per cent increase on the £22.76 billion intended spend for the previous six-month period of March to August 2008.
Commenting on the findings, Sainsbury's loans manager Steven Baillie said: "Our research suggests that in the current difficult economic climate, those looking for a car are increasingly turning to the second hand car market as opposed to purchasing a brand new model."
He added that buyers should look to further reduce their car purchase costs haggling as much as possible.
"Customers should be prepared to haggle with the seller over the price they pay," he said. "Unfortunately, our research shows that almost half of people planning to buy a used car won't haggle or will only do so slightly."
