Deposits of up to £1,000 and monthly payments of up to £200 were the most popular finance options for customers searching on online car listing site Motors.co.uk.
Having launched a monthly payment search option in 2015, the website analysed customer data, and found that almost one fifth of consumers (19%) chose £200 as their preferred monthly contribution. 16% wanted to pay £150 a month and 12% looked to pay £100 a month for their car.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The most popular option was ‘any’ monthly payment, at 34%, however.
When it came to deposit, over half (53%) of consumers have searched for vehicles with a £0 deposit, while a further 11% were looking for cars with a deposit of up to £500. A further 17% were willing to pay a deposit of up to £1000.
Phill Jones, managing director of Motors.co.uk, commented: "While some consumers are still interested in the headline price of their next car, a growing number are taking a lead from the technology companies and considering the monthly impact of changing vehicle on their disposable income. Indeed, with platforms like Spotify and Netflix changing the way in which consumers think about paying for products, we believe there is a clear opportunity for dealers to increase their promotional emphasis on monthly payment."
"It is still early days for the search by payment functionality, but the figures clearly show that there is strong demand from consumers looking to find the best car for their monthly budget. For dealers, the message is to provide choices at all ends of the financial spectrum. The data shows that deposits of up to £1,000 and monthly payments of up to £200 prove the most popular, but there is still a wide variation in individual customer requirements."
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
