Car Finance 247 Reveals a Change in Brits’ Car Buying Habits

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The last eight months has seen a change in people’s car buying habits, says car finance and dealer specialist carfinance247.co.uk, with a gender reversal on using car finance being the main difference.

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9% more males plan to use car finance or go to a bank compared to females.

The last eight months has seen a change in people’s car buying habits, says car finance and dealer specialist carfinance247.co.uk, with a gender reversal on using car finance being the main difference.

Carfinance247 carried out an independent study in October 2012 to learn more about people’s car buying and car financing habits. They repeated the survey in June 2013 and saw some distinct differences:

  •     18% of all those questioned are planning to buy a vehicle in the next 12 months – this is a 7% decrease since October last year;
  •     15% plan to pay in cash or by using savings – this is a huge decrease from the previous 73%, suggesting that cash and savings are not so readily available;
  •     9% more males plan to use car finance or go to a bank compared to females – this is a stark contrast to the previous survey where women were more likely to opt for car finance (24% planned to use car finance or go to a bank compared to 16% of males).

Emily Henshall, Marketing Manager at Carfinance247.co.uk, says: “Rerunning this survey after 8 months has shown how volatile the car buying market can be in a short period of time. Less people are looking to purchase a vehicle, and with cash and savings being depleted, men, in particular, are recognising other options such as car finance."

Ends

*Independent research carried out in June 2013 on behalf of Carfinance247.co.uk by Usurv
** Independent research carried out in October 2012 on behalf of Carfinance247.co.uk by Usurv
Contact:

Emily Henshall, Marketing Manager, Carfinance247.co.uk, telephone: 0800 019 7180 or email: emily(dot)henshall(at)carfinance247(dot)co(dot)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.

Address: The Loading Bay
Albion Works
12-18 Pollard Street
Manchester
M4 7AJ

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