Car Finance - UK - May 2016
“Car finance has benefitted from a dramatic expansion in its popularity in recent years. Fuelled by innovations such as PCP (Personal Contract Purchase) as well as the development of retail leasing products, both the volume and value of car finance contracts sold have seen unprecedented expansion. With car market volumes and the prospects for the UK economy set to remain favourable, further growth in this market is forecast.”
– Deborah Osguthorpe, Head of UK Financial Services Research
This report examines the following areas:
- Potential offered by the used car sector
- Evolution of car finance market will continue
- Preparing for the worst
Car finance has traditionally played a greater role within the new car market with the high price of many new vehicles encouraging many buyers to look at credit to fund/part fund their purchase. Low rates of interest and the development of new products such as PCP (Personal Contract Purchase) and lease hire in recent years have increased the percentage of purchases made through such products.
To offer an insight into the market, this Report also presents the results of exclusive research into several aspects of buyer behaviour when it comes to car finance. These include a review of the importance of car finance alongside other methods of financing the purchase of a vehicle by private buyers as well as the likelihood of car buyers using car finance products over the coming 12 months. Views on the value for money of different types of providers offering car finance are presented as well as consumer thoughts on various statements associated with car finance.
For the purposes of this Report, the point-of-sale car finance market, like the wider car retail market, is divided into two main sectors: new and used.
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