Britons may lose out on substantial sums of money due to a failure to haggle over the price of a new car, according to new research.

Conducted by Sainsburys Bank, the poll showed that of the 1.45 million people who plan on buying a car in the coming six months, 19 per cent have no intention on trying to lower the price, despite the fact that they could save an average of 1,468 pounds each. As such, as many as 270,000 drivers may be spending over the odds on their new motor, the bank warned. Meanwhile, a further 280,000 could also lose out because they are only prepared to talk down the price slightly. Further figures show that 60 per cent of people intend to either barter hard or very hard when they step on to the forecourt.

For those who are looking for an effective way to fund the purchase of a new vehicle, taking out a car loan may prove a quick way to get the financial backing they require.

While the number of people who are unwilling to haggle over a car price in the next six months was said to have risen since the last study, Sainsburys did identify that the increasingly gloomy economic outlook does seem to have spurred some motorists on to barter more heavily. When consumers were asked in March whether they intended to haggle more aggressively, 29 per cent responded positively. However, in the most recent survey, that figure rose to more than a third (36 per cent).

Commenting on the findings, Steven Baillie, head of Sainsburys Loans, said: “In the current economic climate and the fact that fewer people are looking to buy new cars, this is one of the best times to haggle over the price you pay.”

For those who are looking to secure a competitive deal on their new vehicle, Sainsburys reminded consumers that savings can be made as the new license plate registration period comes into effect as any older motors left in the showroom become less attractive to buyers. Meanwhile, drivers should also be on the lookout for the launch of new models, as cut-price deals can often be found on the older versions which are being replaced.

Sainsburys also added that consumers need to play it cool when browsing the forecourt.

“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,” the group advised.

For those looking for a cost-effective way to purchase a new vehicle, taking out a car loan may prove an attractive option. In doing so, consumers may find they are able to get a cheaper deal than that offered by their local dealership. Indeed, uSwitch has recently warned that opting for dealer finance could cost Britons substantial sums, as average interest rates were found to be more than two per cent higher than those offered with the most competitive cheap loans.

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