Around £63.27 billion is to be spent on cars in the next six months, with the majority seeking new car finance deals to help fund their purchases.
New research suggests that 7.85 million people hope to buy a new car between March and August this year, which is a rise of over half a million since the previous car buying index was taken.
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As a result, over £9 billion more will be spent on buying cars in the next half year, with the average amount per person expected to be just over £8,000.
Steven Baillie, Loans Manager, Sainsbury?s Bank commented: \"We found that nearly 17 per cent of what people intend to spend on purchasing a vehicle will be financed through personal loans.
