Gloomiest forecast

Planned spending on cars over the next six months to is set to fall by £11.1 billion to £47.5 billion, according to Sainsbury’s finance car buying index.

The forecast is the gloomiest for three years but 30% of those intending to buy a car say they will need a loan.

Steven Baillie, Sainsbury’s finance head of loans, attributes the decline to concerns about economic pressures and the rising cost of motoring.