Dating uk car registrations

19-Apr-2020 23:21

Danielle Clements, consumer affairs solicitor at Gorvins Solicitors, says that concerns over whether credit is being sold appropriately is one reason would-be buyers are “falling out of love with car finance”.

“In the light of this pending investigation, consumers will certainly have some trepidation about entering into new car finance deals and instead will often consider a range of finance options rather than the once popular use of PCP and car finance.

Buying a brand new car with a relatively small deposit and monthly fee can be more immediately affordable than buying an older car upfront.

Research from Auto Trader showed that 37 per cent of car buyers claim to have bought on finance because it enabled them to spread out their payment monthly, 36 per cent to get a better deal and, revealingly, 36 per cent because they couldn’t afford to purchase a car otherwise.

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Terry Hogan, chief executive of automotive tech firm Regit, says the Government needs to act to restore consumer confidence that they are buying the right new car.Cheap finance and personal contract plans (PCPs) fuelled a boom in new cars, accounting for more than 80 per cent of all new car registrations.A fall at the start of 2017 was blamed on a collapse in consumer confidence in diesel vehicles and last year remains one of the highest on record for new car registrations.Experts suggest a slump in confidence is helping the nation’s big ticket spenders get over their addiction to credit.Falling out of love The previous surge in new car registrations had been partly fuelled by changes to the way we buy vehicles.

Terry Hogan, chief executive of automotive tech firm Regit, says the Government needs to act to restore consumer confidence that they are buying the right new car.

Cheap finance and personal contract plans (PCPs) fuelled a boom in new cars, accounting for more than 80 per cent of all new car registrations.

A fall at the start of 2017 was blamed on a collapse in consumer confidence in diesel vehicles and last year remains one of the highest on record for new car registrations.

Experts suggest a slump in confidence is helping the nation’s big ticket spenders get over their addiction to credit.

Falling out of love The previous surge in new car registrations had been partly fuelled by changes to the way we buy vehicles.

Research by accountancy group UHY Hacker Young shows the monthly cost of leasing a car rose from an average of £232 in February 2017 to £253 in the same month this year, based on a basket of some of the most popular car models in the UK.