Press information: Car finance figures backs up fears of double dip recession
Fears that the UK is experiencing a double dip recession have been backed up by the latest data from long established, nationwide, internet car finance broker www.carfinance247.co.uk.
With the economy shrinking by 0.4% in the last quarter of 2011 (compared with an estimate of 0.3%)* and the newspapers full of worrying economic statistics**, UK consumers are spending less on cars.
“Whether this is because they simply have less money to spend or they are pre-empting another downturn and are cutting back, is unclear” says Louis Rix, Director of carfinance247.co.uk.
The data highlights year on year differences for the period from Jan 1st-March 31st in the last four years.
| Year | Vehicle Price | Financed | Deposit |
| 2012 | £ 6,791.64 | £ 6,317.64 | £ 474.00 |
| 2011 | £ 8,637.28 | £ 7,797.75 | £ 839.53 |
| 2010 | £ 6,422.90 | £ 5,539.85 | £ 883.05 |
| 2009 | £ 8,399.07 | £ 7,804.72 | £ 594.34 |
“Compared to the same period last year, in the first quarter of 2012, customers spent around 21% less on used cars as well as paying a smaller deposit (7% of the value compared with 9.7% in the previous year).
“This time last year, our figures suggested an emerging confidence in the economy. Sadly, they now seem to be confirming everyone’s worst fear of a further downturn.”
Ends
* Daily Mail 28.06.12
** London Evening Standard 02.07.12
Contact:
Louis Rix, Director of carfinance247.co.uk, on: 0845 129 5526 or email: louis.rix@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 can supply and deliver any make and model of your choice.