According to the study, 77 per cent of motorists will be changing any car buying plans they previously had, and 15 per cent of those intend to spend £3,000 or less on their next car.

Meanwhile, research from Sainsbury’s Finance has revealed that around 5.1 million Brits intend to buy a second hand car in the next six months, costing an average of £5,005 each.

The results from Sainsbury’s Finance have shown a 12 per cent increase in the number of Brits intending to buy a second hand car compared to the last six months.

Commenting on the results, Sainsbury’s loans manager, Steven Baillie, said: “Our research suggests that in the current difficult economic climate, those looking for a car are increasingly turning to the second hand car market as opposed to purchasing a brand new model.”

And, shopping around for the best car loan available could make the car even cheaper, adds Mr Baillie: “People should still be prepared to look for ways to reduce their costs even further. One way to do this is by shopping around for a competitive rate if they are looking to finance their purchase through a loan.”

According to Sainsbury’s Finance, around 15 per cent of the cost of second hand cars bought in the next six months will be financed by loans, which is why it is more important than ever to compare car loan rates.

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