One third (34%) of British consumers expect car dealers to earn commission on vehicles bought on finance, and a further 28% don’t mind so long as they’re informed, according to new research from Close Brothers Motor Finance. This news comes as the FCA introduces new regulation for the motor finance industry, which comes into force on 28 January. The … [Read more...]
Sunday drive: On the road and in the news 26 April
As the COVID-19 lock-down continues for another three weeks at least the motoring world needs to carry on, as does our service to supply interesting news items you may have overlooked. Here are a few I have selected for this week’s news briefing. Still ‘Moving the Metal’ via on-line virtual showrooms Numerous car brands are now operating virtual … [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...]
Car repayments now second highest after mortgage or rent
A third (33%) of Welsh drivers say their monthly car payments are their second highest expense, after their rent or mortgage monthly payments. Drivers in the North East (37%) and West Midlands’ (36%) regions of England and Scotland (35%) are the most likely to agree with this. The Opinium survey of Welsh drivers among 2000 UK drivers, commissioned by … [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 9 July
A high number of ex-pcp sourced cars entering the used market has led to a fall in used prices. It’s not just the volume going on sale but the fact many are diesel and hatchbacks or saloons and not the more desirable petrol powered SUV models say analysts at Cazana. Falling prices, steady low interest rates and slowly improving pay are boosting car … [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...]
Mileage fraud is bigger than believed
Mileage fraud may be more prevalent in UK than previously thought, with the practice risking driver safety as well as costing millions of pounds every year. Carly - Connected Car, the world market leader in mobile car electronics, has found the top four UK hot spots where 18 per cent of vehicles are displaying the incorrect mileage, three per cent higher … [Read more...]
