Car Finance - UK - June 2018
“The number of car finance contracts for new cars decreased in 2017, in the first period of real struggle since the market exploded at the start of the decade. In part, this is due to the cyclical nature of the product, with recent customers mid-contract and likely to return to market in the next few years. However, wider economic concerns could lead to consumers holding onto older cars for longer. Lenders need to ensure car finance continues to appeal to existing customers, while also addressing the issue of residuals by maintaining the expansion of PCP in the used car segment.”
– Rich Shepherd, Senior Financial Services Analyst
This Report looks at the following areas:
- Use of consumer credit to access car finance is a worrying sign
- Understanding is high but there’s room for better education
- Subscriptions can satisfy young drivers’ demand for convenience
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