Motorists are willing to splash out the cash when it comes
to upgrading their car, new research shows.
A study carried out by Halifax indicates that about one in
ten (nine per cent) drivers would like to get a new sound
system for their vehicle, while three per cent want to get
its paintwork redone. Meanwhile, some seven per cent of
those questioned have their hearts set on installing sat
nav. A new engine and wheels were the changes that eight
and four per cent of car-owners would opt for respectively,
regardless of cost. Other choices favoured include a roof
rack, spoiler, tow bar and seat mats and covers.
Research from the financial services firm also showed that,
during the last 12 months, more than one in three (35 per
cent) motorists have dipped into their pockets and purses
to upgrade a car. Young people were indicated as being the
most active getting their vehicles modified, with a fifth
of Britons between the ages of 17 and 24 splashing out more
than 500 pounds on pimping their ride.
And perhaps surprisingly, women were indicated as being
more likely than men to splash out major amounts of money
on upgrading their cars. During the past year, 11 per cent
of females claim that they have spent over 1,000 pounds
improving their vehicle, in comparison to some ten per cent
of males. Women drivers were also shown to want to upgrade
their music system and satellite navigation system the
most. Meanwhile, men are looking the most towards upgrading
their engines, with 11 per cent of such drivers wanting to
do this.
With a willingness to spend thousands of pounds on
improving a car, it appears drivers are increasingly intent
on getting value for money from their vehicle. The findings
showed that 57 per cent of motorists usually purchase a
used model, with 24 per cent often buying new. In addition,
the research revealed that just under a fifth of Britons
replace their car around every three years. Furthermore, 18
per cent of people surveyed state that they would finance
getting a car via a loan from the bank.
Commenting on the figures, Neil Chandler, head of Halifax
Unsecured Personal Loans, said: "Whatever your reason for
taking an unsecured personal loan, with Halifax you'll have
no monthly repayments for the first three months. If you're
buying a car, this will allow you to pay for other things
such as road tax, MOT or car insurance." His comments come
as the study indicated that a fifth of those borrowing
money would get more credit to help them pay for extras
such as insurance. Meanwhile, 13 per cent would use a
finance deal from a car dealer.
However, those looking for a more competitive way to fund
getting a car may wish to consider taking a personal loan
as this could leave borrowers with affordable levels of
repayment to make each month, in addition to enough
disposable income to help with upgrading a model. Last year
research by Alliance & Leicester showed that drivers wasted
an average of about 3,000 pounds in opting for
uncompetitive garage showroom finance deals instead of a
low-rate personal loan.
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Abbi Rouse writes for All About Loans. Visist us today to
apply for secured UK loans, low cost personal loans, and
loans for tenants. Visit today
http://www.allaboutloans.co.uk
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