Car insurance customers given money-saving advice when buying a motor

Wed, 11 Apr 2007

Car insurance policyholders may like to know that a banking institution has issued advice on how to reduce expenditure when purchasing a new vehicle.

Research from financial services provider Sainsbury's Bank has suggested that almost 400,000 people do not plan to haggle over price when purchasing a new motor between March and August 2007.

However, the banking organisation estimates that each person faces missing out on a cash windfall of £1,585 by not haggling.

Sainsbury's Bank's loans manager Steven Baillie has taken the opportunity to reinforce the potential savings that can be made by negotiating over price.

"Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay," he remarked.

Mr Bailie also urged car buyers to compare the personal loans market to ensure they obtain the most competitive deal available.

Recently, car insurance customers were urged to avoid forecourt finance deals when buying a new motor.

"Drivers should not let the smell of a new leather interior lure them into poor financial decisions," argued Robin Amlot, senior editor at financing website Moneyextra.

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