Women are increasingly using savings, rather than finance or personal loans, to purchase new cars, according to research.
Some 40 per cent of women are planning to use their savings to buy their next vehicle, the study from AA savings indicates.
This is almost double the number planning to do so which was recorded in January, with women now 14 per cent more likely to use savings than men.
The survey also reveals that since the beginning of the year, one-third more UK residents are planning to use savings to buy their next car.
Lloyd East, general manager of AA Savings, commented: "Around 400,000 new cars at an average cost of £13,000 will be registered following the September plate change.
"Yet despite this, 74 per cent say spending money on a car is a financial burden, rather than an investment.
"It’s clear from these findings that women are thinking well ahead by saving for their next car. Men are more likely to cash in investments or use funds in their current account."
Meanwhile, recent research from Lloyds TSB showed that many UK residents would be more likely to save if the option is available with online banking.
Women make sensible savings, claims AA
Women make sensible savings, claims AA
Tue, 22 Aug 2006
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