Expensive cars 'tempt consumers into debt'

Thu, 29 May 2008
People looking for car-buying advice should look to avoid expensive models they would struggle to afford, it has been advised.

Global information services company Experian stated that costly vehicles are often too tempting for motorists and they snap them up anyway.

In addition, the group remarked that this is due to an image-conscious society in the UK, with one in three adults basing purchases on how other people will judge them.

Kirk Fletcher, managing director of Experian's automotive division, remarked that the credit crunch has dented consumer confidence.

He said: "This survey highlights the fact that the consumer's desire for a car that projects the right image remains as strong as ever."

Meanwhile, money charity Credit Action has revealed the extent to which the UK has amassed its personal debt.

According to the group, consumers are currently in arrears by more than £1.3 trillion.

If you want to know how to find the best deal for your car insurance, finance or warranty, click here.ADNFCR-1081-ID-18614987-ADNFCR

Comments

Add a comment

 

Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £9,304.93

Total cost of credit £1,804.93

£155.08

60 monthly payments

Apply now

Representative example

The Representative APR is 13.2% (fixed) so if you borrow £7,500 over 4 years at a rate of 13.2% p.a (fixed) you will repay £199.21 per month and repay £9562.20 in total.

CarFinance 247 Limited is acting as an independent credit broker