Car credit customers still not shopping around

Despite the financial publicity surrounding the credit crunch, car credit customers are continuing to miss out on savings when they purchase their used or new vehicles.

The new `58' registration plate, which is due to be launched on 1st September, should stoke interest in both the new and used car markets. Yet research by esure car insurance shows that car credit customers could be spending more than they need to because they are not negotiating on price or researching car credit and insurance options.

A whopping 64 per cent of motorists surveyed in the study are planning to buy a used rather than a new car next time they make a purchase. However, even though British household budgets are rather stretched at the moment, 32 per cent of motorists admitted they do not make a habit of bargaining down the price tag of a new or used car. Given that a car is a substantial purchase for anyone even when the economy is booming, this is worrying.

Furthermore, 68 per cent of car credit customers and other motorists who took part in the survey said they did no research at all on the various available finance options when buying a car.

Only 13 per cent of motorists said they spent more than a couple of hours finding the most suitable car credit option before signing on the dotted line and paying for their car.

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