Brits to spend £26bn on used cars by Feb

By February Brits are expected to spend £26 billion on second-hand cars, according to new research.

Sainsbury's Bank reports 5.16 million people are looking to buy a second-hand car over the next four months, with 17 per cent planning to fund their purchase with a loan.

In response to the findings the bank is flagging its free online second-hand car 'Value Tool', which gives estimated selling prices of vehicles based on the make, model and mileage.

Sainsbury’s Bank loan manager Steven Baillie said: "Knowing the market value of a vehicle will help to ensure owners get a fair price for it when they come to sell or get the best deal with buying a new one.

"Haggling is also an important part of getting a good deal and could save hundreds or even thousands of pounds. Unfortunately many of us are reticent to do this. Indeed, 50 per cent of people that are planning to buy a second-hand car in the next six months say that they do not plan to haggle or will only haggle slightly."

Brits may be planning to spend on average around £5,018 each, but proportionally twice as many Londoners (14 per cent) as Scots (seven per cent) are planning to buy a used car before February, with the south-east, south-west, East Anglia and the West Midlands ranked as the top second-hand car buying regions in the country.

The second-hand car valuation tool is available at www.sainsburysbank.co.uk/drive XXX