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Consumers set to spend less on cars

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The amount that consumers intend to spend when purchasing a new or used motor has fallen, according to new research.

As drivers try to make savings on their car insurance and other motoring costs, the survey by Sainsbury's Finance also revealed that the number of people planning to buy a car has dipped to a four-year low.

The firm said that 6.33 million people plan to make a purchase between March and August this year - the lowest figure since 2005 - compared with 6.85 million for the past six months.

On average, car buyers are expected to spend an average £6,683 on a vehicle in the coming six months, while the figure for the previous period stands at £7,239 per person.

The survey revealed that between March and August 2009, 1.33 million are looking to buy a brand new car, with around 1.42 million planning to spend at least £10,000 and 327,000 prepared to fork out more than £21,000.

More than a fifth (21%) of people in the West Midlands plan to change their car in the coming six months, while just 4% of people in East Anglia intend to purchase a new or used motor in the same period.

© Press Association 2009