UK Money News
29th May 2008
Image-conscious motorists risk debt for flashy cars
Millions of UK motorists are prepared to go into debt to keep up appearances with their choice of car.
A consumer study conducted by Experian found that a third of UK adults would be prepared to take on extra debt to own a car that gave people the impression that they are wealthy.
Men were found to be more susceptible to this image-consciousness, with almost one in five confessing that they are tempted to get into debt to buy a car.
This compares to just one in ten women who said the same.
Kirk Fletcher, managing director of Experian's Automotive division, said: "The credit crunch is having a significant impact on consumer confidence across the UK, yet this survey highlights the fact that the consumer's desire for a car that projects the right image remains as strong as ever."
The survey also found that East Midlands, West Midlands and East Anglia residents are the most likely in the UK to go over budget with a car to appear wealthy (16 per cent).
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