The new car finance sector saw new business by value drop by 6% year on year to £1.545m, with the number of cars financed down 12% at 55,097 in June, according to the Finance and Leasing Association. The used car finance sector didn’t fare any better, with new business value down by 13% on June 2023 at £1.67m and the number of cars financed down 10% at … [Read more...]
Motorists expect higher costs in 2024
Motorists expect the cost of running their car to continue to rise across all major areas of spending in 2024, new research shows. October’s new Startline Used Car Tracker shows that 70% think congestion zone charges will rise and the same percentage expect service and maintenance to increase. Other costs expected to go up include motor insurance (67%), … [Read more...]
Newslines 3 November
Demand for used cars is 15% higher than it was at this time last year, coinciding with a decline in sales of new cars, says AA Cars. Drivers’ interest in used cars spiked to 9.1%above pre-pandemic levels when forecourts re-opened in June, but the new analysis shows that demand has continued to pick up since then with searches on the AA Cars platform in … [Read more...]
Sunday drive: On the road and in the news
With the motoring media world in lockdown, the supply of new models and new model test driving events are all cancelled so instead of road test reviews we are keeping the wheels turning by covering some news items you might just have missed, says David Miles. Adversity is driving innovation at Skoda Virtual showrooms in the car sales industry is not a new … [Read more...]
Lifebelt for struggling car finance
An estimated 1.6 million used car owners currently in the middle of their dealer finance or PCP agreement are now able to change their car early with the launch of www.paymentswap.co.uk. The new ‘no fees’ online service allows buyers to digitally manage every part of the transaction for themselves, including vehicle trade-in, sorting out the settlement of … [Read more...]
