Number Of People Looking To Change Car At Five Year High

Research undertaken by the AA shows that the number of people looking to get a new car has reached a five-year high. The AA Car Purchase Index shows that a massive 76% of people are looking to change their car within the next five years. In 2013, just 48% expressed their desire to find a new drive. 27% said that they would be looking for a new car in 2014, again a big increase over the 16% last year. When it comes to paying for the car, 52% said they would use their savings while 11% will be taking out a personal loan to fund the acquisition.

During the economic crisis, fewer people were willing to spend their money buying a new car, but as the economy looks set for a revival in the very near future, attitudes are changing. Considers are gaining confidence once again, and they are looking t manifest this confidence in the shape of a new car.

There are, of course, many reasons to consider the purchase of a new car. A lot of people are in the habit of upgrading and updating every year, two years or three years. Not only does it mean that the driver has something to look forward to, but it means that they can upgrade to a newer model with some of the latest features and benefits.

Cars do age, and degradation in the quality of the vehicle is an oft-cited reason for upgrading to a new model. This tends to be especially common in those that use their cars regularly for commuting or for other purposes. The greater the distance covered, the more important it is to the driver that they have a car that is comfortable, secure, and reliable.

Beyond general wear and tear, there is the possibility of the car having suffered damage. This reason is more common as the MOT anniversary looms. Car owners are hit with high mechanic’s bills and they view this as being a good time to upgrade to something newer and potentially with fewer repairs required.

Whatever your reasons for looking to change car, and whenever you are planning on doing so, you can contact Like Car Finance to access some of the best and most appropriate car loan deals for your circumstances.