17% of Brits Looking For An Upgrade Or Change Of Car This Year

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With independent research* revealing that 17% of people plan to buy a new or used vehicle within the next 6 months, online car finance specialist Carfinance247.co.uk decided to find out the reasons why people change cars – and how they plan to finance it.

17% of people plan to buy a new or used vehicle within the next 6 months

17% of people plan to buy a new or used vehicle within the next 6 months

38% of people will use cash or savings to finance their next car...

With independent research* revealing that 17% of people plan to buy a new or used vehicle within the next 6 months, online car finance specialist Carfinance247.co.uk decided to find out the reasons why people change cars – and how they plan to finance it.

Their survey shows that:

  •     one in five (20%) say they simply fancy a change of vehicle;
  •     18% want to upgrade their car;
  •     13% are looking for a more fuel efficient vehicle;
  •     male motorists are four times more likely to get a new or used vehicle because they fancy a change, compared to female drivers (26% vs. 6%);
  •     fuel efficiency was the main reason why drivers aged 18-29 and those aged 60+ wanted to change their car;
  •     those in the 30-39 and 40-49 age groups were most likely to want an upgraded car;
  •     drivers aged 50-59 fancied a change of vehicle;
  •     38% of people will use cash or savings to finance their next car;
  •     men are more than twice as likely to use their own cash or savings (46%) than female drivers (19%);
  •     twice as many lady motorists plan to use car finance - 10% versus just 5% of males.

Emily Henshall, Marketing Manager, at Car Finance 247 says: “Running this survey has highlighted to us that not all car buying decisions are complex and that most are based on human nature. Of those surveyed, nearly half said that they either wanted to upgrade their car while others simply just fancied a change. Just over 1 in 10 said that fuel efficiency was the main reason, and that was in the young driver and over 60 age groups - the groups that would be more concerned with motoring costs.”

Ends

*Independent research carried out in August 2013 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 give you the choice of buying any car from any dealer nationwide. Or, if you prefer, 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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