New research has found that the used vehicle market will lose £2 billion in six months due to financial uncertainty, which could affect car insurance.

According to Sainsbury's Finance, £22.76 billion will be spent on second-hand vehicles in the six months up to August 2008, compared to £24.87 billion shelled out between last September and February of this year.

The head of Sainsbury's loans, Steven Baillie, believes that financial worries are affecting people's purchasing power.

Should this be true it could also mean consumers may look for cheaper or less comprehensive car insurance cover as a way of saving costs.

"Our findings show the amount people anticipate spending on second-hand cars is significantly less compared with six months ago, which may be a knock-on effect of people's growing financial uncertainty," he said.

In other news, new research has revealed the emissions from cars in the UK are rising faster than the European average.

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