MoneyExpert: Women Less Likely To Get Taken For A Ride Over New Cars

Women may be the more patronised sex when buying new cars, but research for Halifax has shown that they are distinctly the more clued-up gender when it comes to financing.

Men are more likely to opt for overpriced dealer financing, with a quarter of all loans taken out by men covering the costs of new vehicles.

This compares to just one out of every seven loans taken by women.

Halifax also revealed that while the actual forecourt price of cars has fallen six per cent over the past ten years, the amount spent on new vehicles has increased 61 per cent.

This suggests that drivers are not taking the time to find the best rate financing available, said Ian Larkin of Halifax.

“Buying a car is probably the second biggest purchase you will ever make, after buying a house, so it is important to consider how you intend to finance this and choose a product most suited to your needs,” he said.

A third of all motorists bought a new or used car over the course of 2005, while the number of cars on UK roads has risen by five million since 1995.

This article: © Moneyexpert Ltd.

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