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.