According to Auto Trader, the UK’s leading motoring website, sales for cars worth less than £1k, are soaring.
With supply failing to keep up with the increasing demand, the finger is being pointed at the current economic climate and continuing financial strain many families are facing.
With the summer holidays upon us, families are hitting the roads to get away for a break and with petrol costs soaring it’s no surprise that many are looking for ways to cut costs. Opting for a cheaper, older run-around seems to be the order of the day.
Each day, Auto Trader claim to have 30,000 searches from people looking for a cost effective motor, for less than a grand. Many will be left disappointed as just 4,000 cars for sale actually fit the bill.
The most popular searches seem to be for the Vauxhall Corsa, with 5,000 searches every day! Followed by the Ford Fiesta, Ford Focus and the Renault Clio. The demand for these old cars has actually resulted in their value increasing. Cars that ordinarily would have turned up at a scrap yard under the scrappage scheme are suddenly in high demand.
But for those in the market for an older car, don’t forget that with age often come problems. Don’t find yourself stuck with an old banger with a list of expensive problems to fix. Saving on a motor can often be a false economy, make sure you carry out all the necessary checks before purchasing that run-around.
But if you are in the market for a budget car, the list below shows which models are in the most demand:
This article was brought to you by Think Insurance, specialists in motor traders insurance policies.