Carfinance247.co.uk Data Suggests Used Car Buyers Are Downsizing

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Car loans provider carfinance247.co.uk has released its latest car finance and car sales data, which highlights how the average purchase value of a used car has decreased by 12% in the last six months.

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During the last 6 months, overall, it appears that our customers have been downsizing.

Figures show that for the period Apr 2011 - Sep 2011, the average buying price of a used car was £8,730.45. For the period Oct 2011 – Mar 2012, this figure decreased to £7,697.25. This could suggest that motorists are being more cost-conscious in a still uneasy economy, says Director of carfinance247.co.uk, Louis Rix.

He says: “During the last 6 months, overall, it appears that our customers have been downsizing. This could be due to the fact they do not want the extra worry of having more debt hanging over them, or that they are being more budget-conscious. However, the finance lenders that the business deals with could also be playing their part as they are lending less money to those who need a car loan with bad credit.”

Mr. Rix also highlighted how there are regional differences, with four of the top five regions (by volume) all spending less on a used car, with expenditure down by 11% (in Lincolnshire); 16% (Warwickshire); and 27% (in both Lothian and Yorkshire respectively).

Leicestershire experienced a 19% increase in second hand car values for the same period.

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Contact:
Louis Rix, Director of carfinance247.co.uk, on: 0845 129 5526 or email: louis(dot)rix(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.

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Louis Rix

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