Carfinance24.co.uk: does a 25% increase in car finance applications mean younger drivers are financially aware by shunning showroom deals?

The latest data from internet car finance broker www.carfinance247.co.uk highlights a 25% increase in the number of used car sales and car finance applications from motorists in the 21-30 year age band.*

This is compared with an almost 50% decrease in the number of car finance applications for those in the 51-60 and the 60+ age groups respectively.* 

Director of carfinance247.co.uk Louis Rix says: “The data highlights how younger motorists are now turning to car finance. This could indicate that they are more financially savvy than their contemporaries were a year ago, preferring to use a car finance service such as ours rather than a dealer’s finance deal which may not be as cost-effective.

“As for the motorists in the 50+ age bands, it may be that they are feeling the pinch financially and are keeping their existing vehicles for longer”.

The data** also revealed that a typical carfinance24 customer:

• is aged 31-40 years old
• purchases a second hand car valued at £8005
• applies for car finance (including bad credit car finance) of £7100.

Ends

*Data for January 2011-July 2011 compared with the period January 2010-July 2010

** For the period January 2011-July 2011

Contact:

Louis Rix, Director of carfinance247.co.uk, on: 0845 129 5526 

Email: stella@speediepr.co.uk

www.speedieconsulting.co.uk
Tel: 01843 831088

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