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Senior citizens are inclined towards new cars

Added: (Tue Jul 18 2006)

London (loans-park) July 17, 2006: According to research conducted by AA Personal loans, the number of retired people in the UK likely to invest in new cars is double the number of their young counterparts.

The research found that 43% of the people aged over 50 thinking to buy a car, eyeing at purchasing new cars. On the other hand only 23% of the under 50’s are thinking of buying a new car.

Lloyd East, general manager of AA Personal Loans, told that with the increasing costs of bringing up families, people under 50 were finding it more difficult to afford the luxuries of life.

He advised that buying a second hand car would not be a bad financial decision. The value of a car depreciated by as much as 30% within the first year after the purchase and 15% over the second year, he added.

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