THE Financial Conduct Authority will probe the motor finance industry over concerns about commission arrangements. In 2021, the FCA banned incentives for brokers to increase the interest rate that a customer pays for their motor finance, but many customers have logged complaints claiming compensation for unfair commission arrangements struck prior to the … [Read more...]
Depreciation decisions don’t count for many drivers
Four in ten drivers do not consider depreciation when they are buying a car, according to a 2023 Opinium survey of 2,000 drivers. Depreciation is the difference between what you pay for a car and the amount you can get back when you sell or trade it in and a new car generally loses approximately 20% of its value when it is driven off the forecourt, and then … [Read more...]
Tradelines 3 January
The RAC is giving drivers the chance to protect themselves against unexpected repair bills by launching a new online-only warranty product. The 12-month warranty has a £2,000 total claim limit which covers the cost of labour and parts needed to fix mechanical or electrical failures at a cost of £300 and it works through approved RAC workshops and the … [Read more...]
2023 was the year of the rat for motorists
Everyone knows a car breakdown can mean a nasty repair bill, but new data from the RAC reveals that it’s not always a head gasket or a catastrophic engine failure that can cost you hundreds of pounds. Strangely, it can sometimes be very small creatures that cause very big problems. The RAC has seen record numbers of mice, rats and foxes ‘surprising’ … [Read more...]
£11.2 billion tied up in unused cars
UK drivers could be sitting on a staggering £11.2 billion tied up in unused cars, a new study estimates. That’s the equivalent of a festive turkey feast for almost 439 million households or 17 million fully funded Christmases. There are now over three million cars with a SORN (Statutory Off Road Notification) declaration in the UK with a potential average … [Read more...]
Gaps in EV sector need plugging for businesses
Fleets are starting to enter a “tougher” period of electrification in 2024, the Association of Fleet Professionals is reporting. Paul Hollick, chair, said that a number of factors were combining to potentially slow the rate at which electric vehicles were being adopted by businesses and that fleet managers needed new strategies to maintain momentum. “When … [Read more...]
Insurance costs hitting used cars’ stock
More than three out of four (77%) dealers say that rapidly rising insurance costs mean that some cars have become difficult to sell. Startline’s December Used Car Tracker also reports that half (50%) think that some cars have become effectively uninsurable, so are probably unsellable. The research also reports that 23% think that it has become well-known … [Read more...]
Young drivers skipping safety costs, says the RAC
Inflation and the cost-of-living crisis are worryingly causing young drivers not to maintain their cars properly, risking their safety and that of other road users, says the RAC, and its particularly bad in Wales. A quarter of young drivers aged 17-24 (26%) say they have put off necessary repairs to their cars to save money while nearly three-in-10 (28%) … [Read more...]
Newslines 27 November
Genesis will continue to sell a full range of models through its own-brand dealer network despite an operational merger with parent company Hyundai beginning in January. Genesis Motor UK will no longer exist as a standalone company from January 2024, as first reported by Car Dealer magazine, its operations being rolled fully into … [Read more...]
Ex-fleet sales will dramatically boost ev take up
If leasing companies electrify their fleets earlier, 18 million more households in the EU will have access to cheaper EVs and save on their car spending. At current rates of electrification, 33 million households in the EU will have access to second hand electric cars from today until 2035. But if the leasing sector accelerates its uptake of EVs, this … [Read more...]
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