Wednesday 11th April 2007
Consumers in the UK may be spending up to £612 million in unnecessary payments for new cars, according to Sainsburys Bank.
The financial services provider conducted research which found that about 386,000 people would not haggle when buying a new vehicle.
However, the company advises that its Drive initiative could eliminate the need to haggle by securing the best deal for customers wishing to purchase a car.
Drive works by negotiating discounts on any make or model and reporting the best price back to the consumer, Sainsburys Bank states.
Steven Baillie, loans manager at the firm, said: "Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay."
"If you are financing the purchase with a loan, you also need to make sure that you shop around to find the right option for you," he added.
Sainsburys Bank offers loans for new car purchases with a typical interest rate of 6.9 per cent APR.
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