Despite the UK’s economic downturn, the desire to have a high-powered or good looking car is driving thousands of British consumers into debt, it has been revealed.
A report from information services firm Experian has shown that car purchases are the number one motivation for Britons to take on a loan and spend beyond their means.
Close to one in five men are willing to give themselves a debt management headache in order to buy the car they want and the same is true of almost ten per cent of women around the country.
The reason for this willingness to risk debt problems is attributed in part to the fact that a third of all British adults confess that they are influenced by how other people perceive them.
Kirk Fletcher, from Experian, 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."
Last week, swiftcover reminded drivers that they can help themselves avoid money problems by accelerating and braking less often in their cars in order to conserve fuel.