You are here: Home - Insurance - News -

Old boy racers

Written by:

British retirees are twice as likely as younger generations to buy a brand new set of wheels, according to research by AA Personal Loans.

With 7.5 million cars expected to change hands over the next 12 months, the research reveals that the over-50s are driving the new car market. More than 4 in 10 (43%) over 50 year-olds planning to buy a new car in the next 12 months are looking to splurge out on a brand new set of wheels, compared to less than a quarter of under 50 year olds (23 per cent), who are left with hand-me-down cars from older generations.

21 per cent of British drivers will buy a new car in the next 12 months. Of these, 30 per cent plan to buy a brand new vehicle and 65 per cent will buy second hand.

Retired Brits are most likely to buy a brand new car. Over half (51%) of those looking to buy a car within the next 12 months say they’ll splash out on a new set of wheels, compared to less than a third (30%) of younger buyers.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Cost of crime rising

The average cost of a crime related business insurance claim during the first three months of 2006 was £4,179 -...