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Most car buyers pay with cash

29 March 2005

The majority of consumers are paying cash for their new and used cars, recent research has found.

money

The majority of consumers are paying cash for their new and used cars, recent research has found.

The survey, carried out by Close Motor Finance, suggests that car buyers are taking heed of warnings about spiralling debt.

It found that 51% of today’s car buyers are paying by cash, with hire purchase the second most popular option and a high-street loan the third most common way of financing a new car.

However, 2% of car buyers are still paying by credit card, despite the high annual percentage rates.

What Car? editor David Motton said: ‘If you need to borrow money to pay for your next car, make sure you look around for the best finance deal. You could save hundreds of pounds in interest every year. Visit the Advice section of the Whatcar.com website for information about buying and financing a car.’

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