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Whatever you want from your savings, whether you want to set a little something aside for a rainy day or you're planning for the future, we can help you make the most of your savings.
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Patience is the key when it comes to buying a car
The most popular way to buy a car is to save for it, according to the latest Car Purchase Index (CPI), representing the views of more than 18,000 AA members* in an AA/Populus survey. Two-fifths (39%) say they will use their savings to buy a car, compared with just 11% who plan to take out a personal loan. What’s more, car buyers are three times as likely to delay a vehicle purchase while they save for their next car. And it makes sense.
Mark Huggins, director of AA Savings, says the findings suggest that many car owners are becoming more prudent about their motoring costs.
“Buying a car – whether it’s brand new or used – is a big commitment especially at a time of increased financial pressure, including fast-rising petrol and diesel costs.
It makes sense to allow interest to contribute towards the cost of your new motor
Mark Huggins
“Rather than take out a loan people are being much more careful with their money and saving as much as they can. And it makes complete sense to allow interest to contribute towards the cost of your new motor.”
With its range of savings products, the AA is well placed to help you save for a new car. Choose from a range of Fixed and Variable accounts, including an exclusive 18-month ISA for AA Members, all of which can help get you on the road to a new car.
Although it's the sight of a supercar that gets many people going, when it comes to buying a car people tend to be much more conservative in their choice of vehicle. Forty-eight per cent of those looking to replace their car within the next year will be looking for a small family car or a supermini, according to the Great British Motorist report. Eighty eight per cent consider reliability to be a very important factor in their choice with safety and cost efficiency also scoring highly.
Updated September 2011
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