/24-7PressRelease/ - LONDON, UK, July 21, 2006 - According to a research by AA Personal loans, retired people in the UK are twice as expected to invest in a new car as compared to young people. It is discovered that 43% percent of over 50s consider buying a new car over the next year as compare to 23% of under 50s.Lloyd East, general manager of AA Personal loans stated that with increasing cost of bringing up a family , people under 50s may find it hard to afford all the comforts in life.
According to a research conducted by AA Personal loans, retired people in the UK are supposed to invest in a new car as compared to young people. It is found that 43% of 50 plus of age are planning to buy a new car in comparison with 23% of under 50s.
Lloyd East, general manager of AA Personal loans said that people under 50s are finding it hard to afford luxuries in life because of increased cost of bringing up a family .He stated that in spite of this, buying a second hand car is not a bad financial decision. The value of a car can depreciate by 30% within first year of purchase .The rate of depreciation will be 15% over the second and third years after purchase.
He further added that if customers buy with the company's car loan, a six months' warranty on second hand vehicles would be provided.
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