Carfinance247.co.uk reveals a change in Brits’ car buying habits

The last eight months has seen a change in people’s car buying habits, says car finance and dealer specialist www.carfinance247.co.uk , with a gender reversal on using car finance being the main difference.

Carfinance247 carried out an independent study in October 2012 to learn more about people’s car buying and car financing habits. They repeated the survey in June 2013 and saw some distinct differences:

  • 18% of all those questioned are planning to buy a vehicle in the next 12 months – this is a 7% decrease since October last year;
  • 15% plan to pay in cash or by using savings – this is a huge decrease from the previous 73%, suggesting that cash and savings are not so readily available;
  • 9% more males plan to use car finance or go to a bank compared to females – this is a stark contrast to the previous survey where women were more likely to opt for car finance (24% planned to use car finance or go to a bank compared to 16% of males).

Emily Henshall, Marketing Manager at Carfinance247.co.uk, says: “Rerunning this survey after 8 months has shown how volatile the car buying market can be in a short period of time. Less people are looking to purchase a vehicle, and with cash and savings being depleted, men, in particular, are recognising other options such as car finance."

Ends

*Independent research carried out in June 2013 on behalf of Carfinance247.co.uk by Usurv

**Independent research carried out in October 2012 on behalf of Carfinance247.co.uk by Usurv

Contact:

Emily Henshall, Marketing Manager, carfinance247.co.uk, on:  0800 019 7180 or email: emily.henshall@carfinance247.co.uk

About us:

Carfinance247.co.uk was founded in 2000, and is a privately owned business with offices based in central Manchester, offering a wide range of motoring and financial services.

We provide vehicle financing solutions for all financial circumstances such as hire purchase, personal contract purchase, contract hire and other leasing options. No deposit is required and we give you the choice of buying any car from any dealer nationwide. Or, if you prefer, we can supply and deliver any make and model of your choice.

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About Us

About us: Founded in 2006 by entrepreneurs Reg and Louis Rix, Carfinance247 is the UK’s leading online car finance brokerage. Carfinance247 help people secure finance on any new or used car regardless of their credit history and once approved, customers are allocated their very own personal finance advisor to guide them through the process. Based in Manchester and employing over 150 people, Carfinance247 simply aims to secure the most appropriate and cost-effective financial deal for its customers from a large panel of well-known financial institutions

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Quick facts

Carfinance247 carried out an independent study in October 2012 to learn more about people’s car buying and car financing habits. They repeated the survey in June 2013 and saw some distinct differences: • 18% of all those questioned are planning to buy a vehicle in the next 12 months – this is a 7% decrease since October last year; • 15% plan to pay in cash or by using savings – this is a huge decrease from the previous 73%, suggesting that cash and savings are not so readily available; • 9% more males plan to use car finance or go to a bank compared to females – this is a stark contrast to the previous survey where women were more likely to opt for car finance (24% planned to use car finance or go to a bank compared to 16% of males).
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Quotes

Rerunning this survey after 8 months has shown how volatile the car buying market can be in a short period of time
Emily Henshall, Marketing Manager at Carfinance247.co.uk
Less people are looking to purchase a vehicle, and with cash and savings being depleted, men, in particular, are recognising other options such as car finance
Emily Henshall, Marketing Manager at Carfinance247.co.uk