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Females still favour car finance reveals Carfinance247.co.uk

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Women are still twice as more likely than men to favour car finance over other methods when buying a vehicle, reveals the latest survey from car finance and dealer specialist www.carfinance247.co.uk.

The research*, which looked at people’s car buying and funding habits in the last 12 months, found that:

  • 21% have bought a new or used car;
  • 18% of males used cash compared to 12% of females;
  • 24% of those who paid using cash earn over £40,000 a year;
  • those paying cash were most likely to be in the 30-39 age bracket;
  • 25% of 18-29 year olds borrowed money from friends or family in order to purchase a vehicle;
  • 6% of those earning over £40,000 a year used car finance;
  • those aged 50-59 accounted for the highest age group turning to car finance.

The survey also showed that over twice as many women used car finance to fund their purchase compared to men – which is the same result as when this survey was previously carried out in October 2012**. However, this latest study also shows some distinct differences in people’s car buying habits too between then and now, with:

  • the number of people buying a new or used car being on the decline. One in five people bought a car within the last 12 months - compared to one in three previously;
  • younger drivers no longer being the most prolific age bracket to use car finance (in October, those aged 18-29 accounted for the highest age group using car finance).

Emily Henshall, Marketing Manager at Carfinance247.co.uk, says: “Even though less people have bought a car since our last survey, the data shows that us girls are still turning to car finance to help fund our purchases."

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:

Founded in 2000, carfinance247.co.uk is a privately owned business with offices based in central Manchester. 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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car finance wwwcarfinance247couk buy used car buy new car car loans

Quick facts

• 21% have bought a new or used car; • 18% of males used cash compared to 12% of females; • 24% of those who paid using cash earn over £40,000 a year; • those paying cash were most likely to be in the 30-39 age bracket; • 25% of 18-29 year olds borrowed money from friends or family in order to purchase a vehicle; • 6% of those earning over £40,000 a year used car finance; • those aged 50-59 accounted for the highest age group turning to car finance
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The survey also showed that over twice as many women used car finance to fund their purchase compared to men – which is the same result as when this survey was previously carried out in October 2012
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Quotes

Even though less people have bought a car since our last survey, the data shows that us girls are still turning to car finance to help fund our purchases
Emily Henshall, Marketing Manager at Carfinance247.co.uk