Cars add fuel to finance fears

Following figures that new car sales in August have decreased nearly 20% on last year, YouGov research from comparethemarket.com can confirm that one in ten (13%) UK motorists state that they will not purchase a new car this year due to the downturn in the economy.

Aside from price, make and model of the car, fuel consumption plays the biggest influencing factor on purchasing a car for almost 3 out of 4 (73%) motorists, with a further 45% stating that insurance premiums also affect their car-buying decision.

“Most people are becoming more frugal in light of the current credit crunch, and many motorists will be looking to cut back on spending during these tough times," said Jeremy Moll, insurance expert, comparethemarket.com. “One way of reducing running costs would be to purchase a more environmentally-friendly car, however, it is not always possible for everyone to do so. We can all make changes to those every day necessities, such as car insurance. By using a comparison website like comparethemarket.com, drivers can get the best deal and save money on their premiums.”