Fifth of UK motorists spend more on a car than they originally intended to

A fifth of British motorists have spent more on a car than they originally intended to.

New data from AA Car Finance found younger drivers aged 18 to 24 were more guilty of splurging, with a third of them doing this. Over-65s were more careful, with 19% paying more money than they wanted.

A third of drivers also said the motor’s unique features were what convinced them to break the bank, while a fifth blamed the fact that the vehicle was their dream car. More than one in ten, 12%, said they splashed the cash to ‘cheer themselves up’, although 6% said they had been goaded into it by a pushy salesperson.

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More than half of those who spent more than they meant to were paying with cash, compared with a third of motorists using car finance. Mark Attwell, director at AA Car Finance, said: “Shopping for a new car can be immensely exciting, and when all the options are in front of you it’s easy to feel like a kid in a candy shop.

“It’s important to set yourself a budget so you don’t get carried away, no matter how enticing the car’s features are. Those buying vehicles with car finance were less likely to spend more than intended, so if you’re worried about breaking the bank, it could be a good way to make sure you stick to your budget."

Elsewhere, London mayor Sadiq Khan is planning to ban traffic from entering Oxford Street, home home to 300 shops including the likes of Selfridges and attracts over 200 million visitors each year. The Labour mayor of London has put forward a pedestrianisation proposal.

This is supported by the Government, with Deputy Prime Minister Angela Rayner claiming it will give the popular shopping district "the boost it needs". Preventing traffic from entering Oxford Street is part of a wider regeneration project aimed at boosting the experience of shoppers, residents, workers and tourists.

A previous attempt by Mr Khan to ban traffic from the road was blocked by then-Conservative run Westminster City Council in 2018. Mr Khan said: "Oxford Street was once the jewel in the crown of Britain's retail sector, but there's no doubt that it has suffered hugely over the last decade. Urgent action is needed to give the nation's most famous high street a new lease of life."