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 ten 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. 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, which are:
affordability and within budget (93%); functional features, such as
the size, the number of doors and boot space (90%); fuel
economy (89%); driving performance (83%); resale value (54%); and
brand image and status (38%).
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By GlobalData
