Some methods used by finance brokers to reward car dealers that end up overcharging an estimated 560,000 customers about £300 million pounds a year will be banned. The Financial Conduct Authority said it found widespread use of commissions that allow brokers to set the customer interest rate and thus earn higher bonuses. “We found that some motor … [Read more...]
Finance News
Newslines 25 February
The latest Mazda3 coming to the UK from May will begin at £20,595. The 18-strong range of petrol and diesel hatchbacks has five trims running up to £27,735. Ford will conduct an investigation after concerns raised by its own employees over the 'analytical modelling' standards that it employs as part of its US fuel economy and emissions compliance … [Read more...]
Exchange rate hits UK pcp costs
Car finance costs have increased by as much as 49% since Britain voted to leave the European Union because of exchange rates worsening. The tumbling pound has left UK drivers out of pocket by as much as £98 per month, or £4,606 over the course of the full contract. Sterling has tumbled in value from more than 1.3 euros to the pound in May 2016 to … [Read more...]
New car sales will stagnate this year, say makers
This year, EU car sales will stagnate at 2018 levels in terms of units sold, staying close to the 15 million new registrations mark recorded last year, according to new forecasts by the European Automobile Manufacturers’ Association. Although 2018 was the fifth consecutive year of growth, the pace of growth has slowed down significantly over the last … [Read more...]
Latest data reveals reasons motorists sell their cars.
Almost one in 10 motorists aged between 45 and 54 believe that they no longer need a car according to automotive data experts, HPI. They say this age group cited no longer needing a car as one of the main reasons for selling a vehicle and over a third (39%) of 18-24-year-old drivers sell their car because they’ve grown bored of it and want something more … [Read more...]
JLR sustains big losses in three months
Massive losses have been recorded by JLR. It has reported a £3.4B quarterly loss after writing down the value of its cars and plants. Last month it announced a 10% cut in its 42,500 employees, mostly in the UK. It is the third consecutive quarterly loss after it was hit by U.S.-China trade tensions, low demand for diesel cars in Europe and Brexit … [Read more...]
Auto-businesses growing despite scares
More automotive businesses have reported turnover growth than any other sector, according to a new Business Census of business leaders’ expectations for the year ahead. The survey, conducted by global credit company Creditsafe and completed by 755 business leaders, revealed that 92% of surveyed automotive businesses grew in terms of turnover in … [Read more...]
Welsh sales steady as diesel cars ground and AFVs take off
Sales of hybrid and electric cars soared over 26% last month and slowed the fall in registrations of recent months, according to figures from the car makers. The Society of Motor Manufacturers and Traders say registrations were only 1.6% down in January at 161,013 new cars, with private buyers leading the way as business and fleet models continued to … [Read more...]
Used diesels dropping in price, petrols rise
The average price of a used diesel car fell by 10.3% between Q1 2017 and Q4 2018. Diesel car values dropped 5% through 2017, on the back of consistent negative news about the fuel, and new data shows that slump continued through 2018 at a near-identical rate. The analysis from car buying comparison website Motorway.co.uk also shows equivalent used … [Read more...]
Dealers doubts over stocking pile up
Findings from the Close Brothers Motor Finance’s Dealer Satisfaction Survey reveal 95% are confident about business prospects in the market for 2019, up from 93% last year. Of these, six in ten (60%) are ‘very confident’ about the business outlook for the year ahead. However, while the broad picture is one of confidence, there were some issues that … [Read more...]
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