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Research Shows £36.4 Billion Spent On Cost Of Cars
During the last year, according to new research from Halifax Unsecured Personal Loans, the UK paid out £36.4 billion on purchasing new and used cars. Research shows that over the last 10 years, there has been a 61% increase in the amount of money spent on motor vehicles. This increase amounts to an average of £1490.30 per household per year.In the last 10 years, supporting the increase in population and multiple car ownerships, the number of cars on the road has significantly increased. In 1995 there were nearly 25 million cars on the road; it has now increased by 22%, with the number of cars in Britain now exceeding 30.6 million.
According to annual research by Halifax Unsecured Personal Loans, it has been revealed that after http://www.nemo-loans.co.uk/uk-loans-blog/2006/07/convenience-cash-machines-may-spell.html, buying a car is the second most popular reason for taking out a loan. Additional out of pocket expenses needed when purchasing your vehicle such as road tax, an MOT, or car insurance mean that careful organisation of your budget is required.
Ian Larkin, head of Halifax Unsecured Personal Loans comments, “Buying a car is probably the second biggest purchase you will ever make, after buying a house, so it is important to consider how you intend to finance this and choose a product most suited to your needs.”
Consolidating all your existing debt into one place can help make your personal finances more straightforward. A personal http://www.nemo-loans.co.uk/uk-loans-blog/2006/10/healthy-housing-market-could-see-rise.html can reduce monthly outgoings and spread payments over a term of 5 to 25 years, wrapping several different monthly payments into one uncomplicated transaction allowing home owners to assess their financial situation for that all important purchase.