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Jul 24, 2006
AA Personal Loans
has released the results of a study which reveals that retired people in the UK are twice as
likely to invest in a new car as compared to the younger generation.
The research
reveals that 43% of the over 50s are contemplating on buying a new car over the
next year as compared to 23% of the under 50s. AA Personal loans manager
Lloyd East thinks
that this is due to rising costs of bringing up a family, resulting in a
limited luxury spending for people under 50s.
Nonetheless, East
noted that the under 50s have a better option, which is to purchase a second
hand car. The value of a car can depreciate by 30% within first year of
purchase and 15% over the second and third years after purchase, resulting in
lower car prices for potential buyers.
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