Consumers in Milton Keynes are the big spenders on second-hand cars, shelling out two-thirds more than the UK average, according to research carried out by a leading car finance provider.
Creditplus.co.uk looked at the average loan taken out over the past 12 months to purchase a used car in major towns and cities across the UK, and found that car owners in Milton Keynes borrowed an average of £18,225, compared to the UK average of £10,962.
The research revealed that the average car loan taken out, varied by as much as 118% depending on where you live in the country. At the lower end, used car purchasers in Ipswich and Norwich borrowed an average of just £8,360 and £8,466 respectively.
The Midlands featured heavily in the list of the UK’s biggest borrowers. Four out of five towns and cities, where consumers borrowed the most to buy a used car, were in that region of the country. The average loan size in Coventry was £13,186 over the past year, the second highest after Milton Keynes.
