The new Vehicle Excise Duty regime will hit the car rental industry with a 400% tax rise, damaging its ability to purchase the newest, cleanest vehicles and provide affordable mobility to millions of customers. A new report from Oxford Economics, commissioned by the British Vehicle Rental and Leasing Association, has found that the rental sector will be unfairly hit by the government’s … [Read more...]
Finance
Brits borrowed more for new cars in 2016
The Finance & Leasing Association says new business in the point of sale consumer car finance market grew 12% by value and 8% by volume in 2016. New business was up 3% by value and down 3% by volume in December, compared with the same month in 2015. The POS consumer new car finance market reported new business up 1% by value and 8% lower by volume in December compared with the same month … [Read more...]
Hefty discounts now available on new cars
Savings of more than £5,000 off the price of many brand new models are already on offer as car makers take action to combat an expected slowdown in sales. The discounts have even spread to some cars in premium brand ranges including Audi, Mercedes, Jaguar, Volvo and Lexus, which have had more than 15% cut from their price. Despite predictions that rising inflation and the weak pound could … [Read more...]
Brits cool towards car buying in political climate
UK residents admit they are deterred by the current unstable political climate when it comes to making big purchases, as they opt to lease cars, rent houses, and subscribe to services instead of wanting to commit outright, new research reveals. Leading vehicle leasing company, Leasing Options has surveyed the nation's motorists to gain an insight into their financial decisions, whilst working … [Read more...]
Overloading vans hits economy more than appreciated
An increase in fuel consumption of more than 20% between an unladen panel van and the same vehicle with 75% of its maximum payload has been recorded by Arval. The controlled trials were designed to underline the importance of ensuring that LCVs are only carrying the load needed on any given journey. A popular SWB panel van was driven in controlled conditions over a 49.1 mile course for the … [Read more...]
New car registrations hit 12-year high
The UK new car market achieved a 12-year high in January, said the Society of Motor Manufacturers and Traders. The total was 174,564 vehicles last month – a 2.9% year-on-year uplift and the highest level since 2005. The alternative fuelled vehicle segment grew 19.9% to take a record 4.2% market share – the first time 4% has been surpassed. Across other fuel types there was a … [Read more...]
Dealers’ positive view of sales prospects this year
The majority of UK car dealerships are positive about their business prospects for 2017, with 65% expecting growth over the next year, say Close Brothers Motor Finance. Despite many industry figures predicting the sector will contract in 2017, the majority of dealers surveyed monthly by Close Brothers Motor Finance remain resolutely positive about the prospects for their own businesses in the … [Read more...]
New MoT plan will be bad for vans, says industry supplier
Concerns over safety mean that vans should be excluded from the Government’s new consultation on extending the first MoT to four years. So believes FleetCheck, one of the UK’s leading fleet software and management companies, which is planning to make an official submission to the Department for Transport The Government has asked for industry feedback on various options listed in its … [Read more...]
Medium term rentals expected to rise in 2017
A growing mood of caution among businesses is likely to lead to a boost in demand for medium term rental during 2017. Phil Jerome, managing director, at Meridian Vehicle Solutions, said that the possibility of an economic downturn would make more flexible arrangements increasingly attractive. He said, “The effects of Brexit are so difficult to forecast that the majority of businesses are … [Read more...]
Shining a light on new golden oldies
Automotive data expert, cap hpi, has produced a shortlist of the new models that will show strong residual value performance. The company provides residual value forecasts for new vehicles up to five years in the future. Its Gold Book team looked at new models launching in 2017 and picked the ‘ones to watch’ for fleet and private buyers. Andrew Mee, senior forecasting editor at cap hpi, … [Read more...]