Traditional car financing could be past its peak as personal leasing, salary sacrifice schemes, and subscriptions rise in popularity along with a growth in electric car sales. The UK’s car finance bubble is on the brink of bursting as demand for new car finance deals slows down dramatically compared to new car sales, according to analysis by The Car … [Read more...]
73-plate buyers’ guide
Shop around for the car which suits you and your pocket with a new '73' plate. Ahead of the arrival of the new “73” vehicle registration in England, Wales and Scotland on the 1st of September, The Motor Ombudsman, the Ombudsman dedicated to the automotive sector, is highlighting 12 handy tips for motorists to take into consideration when looking to buy a … [Read more...]
Car sales are rising but beware of finance costs
More than half of UK drivers (51%) are intending to buy a new or used car in the next six months, now that showrooms have re-opened and travel curbs are lifting said comparethemarket.com. Drivers are set to spend an average of £15,042 on these cars, with 39% planning to buy either an electric or hybrid vehicle. The main reasons that drivers cite for … [Read more...]
Lenders optimistic for 2021 despite sales slowdown
The Q1 2021 Industry Outlook Survey by the Finance & Leasing Association shows that the asset finance, consumer finance and motor finance industry see opportunities for growth over the next year despite the heightened uncertainty caused by the latest restrictions to deal with the Covid-19 pandemic and the UK's lowest January registrations for 50 … [Read more...]
MG pick Santander for finance package
MG Motor UK said that Santander Consumer Finance has been selected as its exclusive finance provider, as both companies agreed a five-year partnership effective from 1 January. Trading as MG Motor Financial Services, MG and SCF will provide a full range of retail finance options to make buying an MG easier than ever before. On the dealer side, new … [Read more...]
More cars but driven less, survey shows
There are more cars on the road than ever before, but we’re driving them less, according to new research. The estimated average annual mileage per car in England has decreased as the number of cars per household has risen, falling 17% from around 9,200 miles in 2002 to 7,600 miles in 2018. For petrol cars, the average was just 6,600 miles in … [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...]
Long term ownership of cars is decreasing, says AA
The increasing popularity of car finance deals is contributing to the decline of long-term car ownership, according to AA Cars . The number of drivers who plan to hang onto their current car for more than five years has dropped considerably - by 11% - since owning their last car. This means there are around 3.4 million fewer drivers who have long term … [Read more...]
Newslines 17 September
VW and printer-maker HP are developing the world’s first printed 3D metal parts. GKN is using the system to produce parts for Volkswagen, with an additive process layer by layer and then sintering the component. The unveiled BMW Vision iNEXT concept suggest future luxury models may not be saloons from the company but crossover or SUVs. The pure … [Read more...]
Motorists’ deep unhappiness with dealer finance services
A mystery shop of car dealerships has revealed there is nation-wide consumer confusion about car finance, stemming from a lack of transparency and inconsistent sales practices. The research by Confused.com comes ahead of the results of a review by the Financial Conduct Authority into the growing motor finance sector, which will review potential for … [Read more...]
