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A car buying frenzy in the UK may be on the horizon – Essex Live


New research from Shawbrook Personal Loans suggests a car buying frenzy may be on the horizon as 32% of UK adults consider purchasing a new or second-hand car within the next six months.

It seems environmentally conscious Brits are thinking about greener driving credentials, as a whopping 54% contemplate buying a new or second-hand electric or hybrid vehicle.

As drivers anticipate new driving conditions such as the expansion of the Ultra-Low Emission Zone (ULEZ) in London next month, which involves fees for drivers whose vehicles fail to meet the emissions standards, more than 38% of respondents said they are buying a new vehicle as a result of needing to upgrade their car.

Three in ten of respondents cited environmental reasons as an incentive behind switching away from diesel and petrol cars, and one in seven said they are considering purchasing a new car due to their current vehicle not passing ULEZ standards.

The impact of the pandemic has also prompted Brits to consider purchasing a new or second-hand car in the next six months. More than a quarter said the past 18 months have demonstrated the benefits of having a car to provide more accessibility, and almost one in ten are doing so because they want to explore more of the UK.

Sally Conway, Head of Consumer Communications at Shawbrook Bank Personal Loans, said: “As many drivers begin reviewing their options ahead of changing their vehicle, a good proportion are now thinking of opting for hybrid or electric cars as alternatives to diesel and petrol.”

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When it comes to financing the purchase of a car, Shawbrook Bank Personal Loans’ research found that a third of Brits expect to purchase their new vehicle with cash, while almost a fifth will put it on a credit card (19%) and one in seven (15%) will take out a personal loan.

Sally Conway added: “It’s important to take time to understand not just the type of car you’re looking for but also the different types of finance available to you. This could help save money in the long run, but it’s essential to carefully read and understand the costs involved and terms and conditions before committing to anything. There are plenty of online guides and support to help explain the different finance options and what you’ll need to bear in mind before applying.”

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