New research published by Motoring.co.uk has highlighted an increase in the amount car buyers are willing to spend on their next car.

According to the organisation's latest Car Buying Index figures, 27 per cent of individuals planning a new car purchase in the next six months will spend upwards of £25,000 – up from 23 per cent of respondents in November last year.

Meanwhile, 14 per cent plan to spend over £20,000; 22 per cent over £15,000; 24 per cent over £10,000 and 13 per cent over £5,000.

Chris Green, sales director at the firm, said: "Consumers are starting to open their purse strings just a little and some are planning to spend more on their next car than six months ago."

He added that the shift away from cash to dealer finance for funding new purchases continues to gather pace, especially as many vehicle manufacturers are now offering a wide range of zero per cent finance deals to entice new buyers.

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