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56% of drivers 'underestimated car expense'

MORE THAN half of people who have bought a second-hand car in the last two years have found it more expensive to run than they expected, according to a Government-backed body. Some 56% of motorists said that total cost, including maintenance, repairs, insurance and fuel had turned out to be higher than anticipated and one in five drivers (20%) have resorted to going into debt just to keep their vehicle on the road, the Money Advice Service (MAS) found. One in four (26%) of the 3,000 people surveyed who have bought a second-hand car since 2012 now has regrets about their purchase, with many of them saying they had not worked out whether it was really affordable or that the purchase price was too much in the first place.

China's Pang Da, Youngman agree to buy Saab

Chinese firms Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. have agreed to buy Saab for $142 million (100 million euros).

Auto sales top 14.4 million in 2012

U.S. light-vehicle sales--led by Volkswagen, BMW and Honda--jumped 9 percent in December, pushing the seasonally adjusted sales rate above 15.3 million for the second consecutive month and helping the industry finish 2012 on a high note. Automakers sold 14.49 million light vehicles in the U.S.