The new rules that will allow people over the age of 55 to release funds from their pension pot is expected to boost sales of new and used cars in the UK.

Swindon, Wiltshire -- (SBWIRE) -- 04/24/2015 -- This huge change in the personal finance rules is probably the biggest in modern times. The change means that those aged over 55 will be able to release their defined contribution from their pension fund.

People are no longer going to be forced to buy an annuity and can release their pension funds at any point. It is estimated that people will withdraw around £6bn form their pension funds, which is likely to lead to a significant increase in consumer spending.

Car dealers in Swindon and many other parts of the UK have already seen an increase in demand from those aged over 55. More consumers in that age bracket are visiting car showrooms. Many have indicated that they are considering using cash to buy, which means that they are likely to be using cash released from their pension pot to buy their next vehicle.

Ironically, this trend was anticipated by the minister who made the changes. Steve Webb the pensions minister said last year:

"If people do get a Lamborghini, and end up on the state pension, the state is much less concerned about that, and that is their choice."

At the time his comment was seen as a bit tongue in cheek, but reports from the car industry indicate that he was at least partially right about how people would choose to spend their pension funds.

However, it appears he was probably wrong about what type of car people would buy. There is no evidence that people are actually using cash from their pension pots to buy expensive cars like Lamborghinis. Instead, people seem to be taking the opportunity to upgrade their existing vehicle to one that is more reliable and economical. Most studies indicate that people are not interested in using all of their pension cash to buy their dream car. Most will simply use it to buy a newer family vehicle.

For more information visit the website http://www.srmotorgroup.co.uk/

For Media Contact:
First Name: Ray
Last Name: Nenshi
Business Name: SR Motors
Address: Rear Of 107-109 Stratton Street
City: Swindon
County: Wiltshire
Postcode: SN26 8DJ
Country: United Kingdom
Phone No.: 01793 727800
Email: srmotorgroup@hotmail.co.uk
Website: http://www.srmotorgroup.co.uk

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Swindon, Wiltshire -- (SBWIRE) -- 03/25/2015 -- After four consecutive months of growth, the price that dealers pay for used cars has begun to fall back. The Manheim Used Vehicle Index fell back to 125.1 in February. This is still an increase of 1.5% on the same month in 2014, but the general trend is now downward again.

However, there has not been an increase in used car purchasing prices across the board. The biggest increase is seen in how much is paid for pickups. Year on year the amount paid is up by 7.7%. For the SUV/CUV class the prices rose by 2.1% in comparison to 2014.

The price paid for vans at auction also rose by 4.5%. There is some speculation that the fact the construction industry is showing signs of recovery has led to the increases for pickups and vans.

Interestingly, the price paid at auction of compact and midsize cars both fell. This is despite increased demand from consumers for both of these vehicle types. Demand that the used car industry expects to continue to grow during the first part of 2015 as people finally end up with more cash in their pocket.

During the last quarter of 2014, and the first part of 2015 sales of used cars in Swindon and many other cities in the UK reached record levels. The number of units sold was higher than in 2006, which was the last time that used car sales were at record levels.

However, currently it appears that many dealers are still selling through stock or sourcing their cars more from the private sector because auctions sales were down slightly for February. The slightly lower auction demand is thought to account for the slight fall in the average price paid.

Other major used car auction reports also showed a decline in the wholesale prices being paid at auction. If consumer demand continues to rise for used cars this is likely to leak through to the wholesale market and cause the wholesale price to rise.

For more information visit the website http://www.srmotorgroup.co.uk

For Media Contact:
First Name: Ray
Last Name: Nenshi
Business Name: SR Motors
Address: Rear Of 107-109 Stratton Street
City: Swindon
County: Wiltshire
Postcode: SN26 8DJ
Country: United Kingdom
Phone No.: 01793 727800
Email: srmotorgroup@hotmail.co.uk
Website: http://www.srmotorgroup.co.uk

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm