Just Over Half Of People Planning To Buy A Car Intend To Haggle Over Price

08 May 2017

  • Only 17% intend to haggle ‘hard’ on the price they pay for their car (1)
  • 7% of people say that they won’t haggle and 2% were not aware they could
  • Those planning to haggle expect to save an average of 13% on the price they pay

Car buyers are potentially losing out on significant savings by refusing to haggle, according to new research(1) from Sainsbury’s Bank. The findings reveal that of those people planning to buy a car between 1st March and 1 September this year, only 17% intend to haggle ‘hard’ over the price they pay. Some 36% intend to haggle ‘fairly hard’ and 32% are considering whether or not to do this at all. Just 7% won’t consider negotiating on price, and 2% said they were not aware they could do this.

The findings reveal that men are far more prepared to haggle over the price they pay than women. Some 61% of men planning to buy a car over the next six months say they will definitely do this, compared to just 43% of female car buyers.

With the average amount car buyers expect to save by haggling exceeding 13%, Sainsbury’s Bank says that those who don’t haggle could be losing out on significant savings.

Robert Oag, Head of Loans at Sainsbury’s Bank said: “Buying a car is a huge financial commitment and you should try and secure the best possible price you can. Our research shows that 57% of those planning to buy a car intend to use some form of loan. Those looking to finance their purchase should make sure they shop around and find a competitive rate.”

Sainsbury’s Bank has a loan calculator to help customers gauge what their monthly repayments and total repayable amount would be with different Sainsbury’s Bank loans.

Further information on Sainsbury’s Bank loans can be found at https://www.sainsburysbank.co.uk/

Sainsbury’s Bank offers the following tips for those looking to buy a car:

  • When manufacturers are introducing a new model, you can sometimes pick up a great deal on the old model
  • Ask about having additional features thrown in for free that are not included as standard e.g. a sunroof and extras such as a full tank of petrol, Road tax, servicing package and MOT
  • Do your homework on what other dealers are offering on the car you want to buy and check car websites such as Parkers or What Car?
  • Keep your excitement in check. If you look too keen the car dealer may be less willing to negotiate on price. Make them think that you are prepared to walk away
  • If you’re a cash buyer don’t let the salesperson know this straight away – you may be able to negotiate a better price on the car if they believe you are going to get a finance package, which you can turn down later in the process
  • Never let the salesperson know your maximum budget and always offer a lower amount than you are prepared to pay at first
  • Be prepared to shop around for the best deal

-Ends-

Notes to Editors

  • Sainsbury’s Bank commissioned Opinium Research to survey 2,012 nationally representative UK adults aged 18+ between 24-27 February 2017. Opinium Research is a member of the British Polling Council and abides by its rules). Figures have been scaled up using a nationally representative sample (51,339,000).

For further information, please contact:

Jennifer Johnston-Watt, Sainsbury’s Bank on 0131 286 0010 / bank_communications@sainsburys.co.uk / Citigate Dewe Rogerson 020 7638 9571

About Sainsbury’s Bank

Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting 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 insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.

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).