Cost is speeding past reliability as the most important deciding factor for people buying a new car, the AA has claimed.

According to the motor insurance firm, during the financial turmoil witnessed in the past six months, consumers have come to change their car-buying habits considerably – and they are leaving concerns about long-term reliability on the side of the road as they look for immediate ways to cut costs. The AA explained that since March, the number of people who cite running costs as the most important consideration has increased by nearly a fifth (17 per cent). While more than a quarter (28 per cent) said that this was their prime concern in the first study of 2008, six months later this proportion had increased to 45 per cent.

For those who are looking for a cost-effective way to get hold of the keys to a new motor, taking out a car loan may prove an effective finance option. Opting for a cheap loan such as this may be of particular importance to the 42 per cent of people who told the AA that they were on the hunt for a new vehicle because their current model is too old.

And while cost considerations were paramount for many motorists, results showed that comfort is still an important issue for large numbers of UK motorists. Nearly a quarter (22 per cent) said that they wanted a new car that would be more easy to drive on longer journeys. While green issues were also important for many – being the fifth most popular reason for buying a new car – it seems that the need for speed may be on the wane, as fewer than one in ten said that they wanted a more powerful car.

Commenting on the findings, Mark Huggins, chief executive officer of AA Personal Loans, said: “Despite falling petrol costs, our first car purchase index (CPI) report shows that the current financial climate is making people reconsider their options when buying a car and looking for something cheaper to run is a good way for a family to economise.”

Meanwhile, Edmund King, president of the AA, added: “With the recession biting, the car industry is facing tough times, which is already having a big impact on car sales. The CPI sets a useful benchmark for predicting future consumer car buying behaviour.”

The group will continue to monitor car-buying trends over the coming months, with the CPI aiming to offer important clues as to the needs of customers during a period of economic difficulty in which car manufacturers are suffering, alongside the rest of the economy.

Whatever their reason for purchase, consumers may wish to consider applying for a car loan before they head for the forecourts. In doing so, they may find they are able to get a competitive deal quickly, leaving them with low-cost monthly repayments. However, Sainsburys Bank has reminded people of the need to drive a hard bargain, that 19 per cent of people who planned to buy a car in September had no intention of haggling.

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