Although just under half of
UK consumers take at least a month to buy a car, 22% then take less
than two hours to decide to take out car finance, according to a
survey of 1,000 UK car owners carried out by BMW Financial
Services.
The survey also found that
55% of car buyers don’t consult their partner about car finance,
making the decision independently, in contrast to other big-ticket
items where they would consult their partner, such as a new kitchen
(63%), holidays (64%) and sofa (64%).
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Four in 10 drivers now see
finance as a ‘perfectly acceptable’ way to own a new or used car,
and a third of UK drivers would rent-to-own their car.
Of those who would
rent-to-own, the majority are in the younger age brackets (35% of
18-24 year-olds and 37% of 25-34 year-olds), while those aged
65-plus prefer to own outright.
BMW Financial Services
general manager of sales and marketing Joe Pattinson said: “Finance
is the car purchasing model for the future.
“As younger consumers adopt
rent-to-own as the more savvy decision, this is less an indication
of the economic climate and more a long-term purchasing trend that
is here to say.
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By GlobalData“Car finance will become the
norm in the not-too-distant future, as attitudes to the concept of
ownership evolve.”
The survey also reveals the considerations UK consumers
take into account when looking for a car. They are: affordability
and within budget (93%); functional features, such as size, number
of doors and boot space (90%); fuel economy (89%); driving
performance (83%); resale value (54%); and brand image and status
(38%).
