Articles > Vintage Car Buyers

A recent study by a leading lender specialising in car loans shows that it is Britain’s growing retired population that are driving the new car sales (no pun intended). It would appear that these more senior citizens either do not want the hassle of finding a good second-hand car, or are swayed by the warranty and dealer back-up provided when purchasing new from the showroom, with around forty percent of retirees planning on doing so within the year.

Those figures are significantly higher than for those under the age of fifty, with only around twenty percent planning on buying a car at all, with just thirty percent of those considering buying brand-new.

Most of those retiree’s who are buying the new cars are doing so with their own money that they have saved through the years, whereas the younger generations are turning to car loans to finance their purchases. In some ways it is actually good news for the more frugal younger buyer that those of advancing years are choosing to get themselves shiny-new motors – with a large percentage of new car sales down to this demographic, without them there would be far less second-hand vehicles in the market and less bargains to be had.

The old saying of ‘older and wiser’ doesn’t seem to apply to car buying decisions, as buying brand new is by no means the best decision in terms of value for money in most cases. Buying new certainly carries a premium, and as soon as the car is registered hundreds, in some cases thousands, is knocked from its value. Turning to the second hand market is where the real bargains can be found, and choosing to buy from a private seller will save even more money. When taking this route, there is obviously no dealer financing available, however with car loans available at such competitive rates, not have the money in savings needn’t be a problem.