Most car buyers hope to spend £200 a month

The majority of car buyers are looking to spend around £200 per month for their next car, according to recent research conducted by Motors.co.uk.

The latest data from the firm's recently launched "search by monthly payment" website tool revealed that £200 is the most popular price range for 19 per cent of car customers.

The price consumers are willing to pay for their new car regularly fluctuates, and this can have an affect on the type and value of cars sold at car dealerships. As such, it is important that a car garage regularly re-evaluates its road risks insurance or combined motor trade insurance policy to ensure the are suitably protected, no matter what value of cars consumers are favouring.

Commenting on the recent changes in consumer preferences, managing director of Motors.co.uk, Phill Jones, stated that consumers are becoming increasingly concerned about the monthly cost of their car, rather than the headline price.

In fact, the Motors.co.uk study found that 53 per cent of consumers searched for vehicles with a £0 deposit contribution, while 11 per cent sought a contribution of £500 or less.

Mr Jones added: "For dealers, the message is to provide choices at all ends of the financial spectrum. The data shows that deposits of up to £1,000 and monthly payments of up to £200 prove the most popular, but there is still a wide variation in individual customer requirements."