The number of car buyers planning to use dealer finance – hire purchase and PCP – has doubled since November 2012 according to a survey by online car retailer Motoring.co.uk.
The survey found consumer expectations on monthly payments have remained constant, which highlights the importance of affordability to consumers looking to purchase a new or used vehicle, as recently observed by online car finance provider Car Finance 247, independent lender Alphera Financial Services and credit reference agency Experian Automotive.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Motoring.co.uk, which recently reported an increase in the number of motorists planning to use a franchised dealership for their next vehicle servicing also found 77% of consumers intend to change their car in the next three years, up from 72% in November 2012.
Chris Green, sales director at Motoring.co.uk, said: "The shift away from funding their car with cash and using dealer finance continues and this is partly due to the compelling finance offers from volume brands like 0% finance and premium brands, who now have incredible subsidised finance offers."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
