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89% Of Car Buyers Will Drive A Hard Bargain

13 October 2015

Sainsbury’s Bank’s bi-annual car buying index has revealed we are a nation of canny car buyers with 89%(1) of potential purchasers saying they will bargain over the price of their next car. Of this number, almost a quarter (23%) said they plan to negotiate very hard, over a third (35%) said they will negotiate fairly hard and four in ten (42%) revealed they will haggle slightly.

On average, buyers expect to negotiate £807 off the price of their purchase. The research suggests that men are more likely to haggle (92%) than women (85%). They also expect to negotiate a saving of almost £200 more than women when trying to get a better price, expecting an average saving of £889 vs £696.

 Simon Ranson, Head of Banking at Sainsbury’s Bank said: “It’s encouraging to see that so many people are prepared to haggle and get the best price for the car they want.  Using a personal loan gives a buyer far wider choice be it online, local dealer or directly from the owner, as well as added bargaining power as they have cash in hand.”

Five money saving tips when buying a car:

Sainsbury’s Bank’s Price Promise Guarantee

Sainsbury’s Bank also offers a Price Promise Guarantee(3) which means that if customers are offered a “like for like” personal loan that has a lower APR with another lender, the Bank will beat it by 0.1%. This is subject to qualifying for the Offer and customers must not have already accepted its loan offer by signing and returning a Sainsbury’s Loan agreement. Car dealership loans and finance are excluded.

Ends

This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

For further information, please contact:
Timi Merriman-Johnson                                                                                                                    Lorna Gilmour
Citigate Dewe Rogerson                                                                                                                    Sainsbury’s Bank
020 7282 2989                                                                                                                                    0131 286 0786

Notes to editors:

If the claim is successful we will reduce the APR on the Sainsbury’s Loan to below that of the alternative lender by 0.1%. e.g. If the alternative lender formally offers the customer a rate of 6.9% APR, the claim is successful and 6.9% APR is lower than our rate offered we will reduce our offer rate to 6.8% APR. We reserve the right to modify or cancel the Offer at any time without prior notice.

Sainsbury’s Bank

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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. The Bank benefits from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance.  Sainsbury’s Bank provides a range of quality products including travel money, insurances, credit cards, savings and loans which we provide through multiple channels, including instore, by telephone and online.

Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).