New analysis from CA Auto Finance reveals that 73% of UK drivers say the rising value of residing or rising automobile costs will affect how they strategy buying their subsequent automobile.
The findings come as new automobile registrations are launched for September. Moreover, 42% of drivers expressed considerations about making month-to-month funds on their automobile finance agreements.
Amongst these impacted by monetary pressures, practically half (47%) stated they plan to search for extra offers, signalling that automobile makers and dealerships ought to supply engaging promotions throughout the upcoming Autumn buying and selling interval.
The research, commissioned by CA Auto Finance, a UK subsidiary of CA Auto Financial institution, additionally discovered {that a} third (33%) of drivers plan to buy a less expensive automobile, with the identical quantity choosing month-to-month fee plans over outright purchases, highlighting a rising demand for versatile financing options.
When requested about key components influencing automobile financing choices, 51% of respondents cited aggressive rates of interest as the highest precedence, adopted by fee flexibility (43%) and belief of their finance supplier (36%).
Christian Gorton, advertising director at CA Auto Finance, commented: “Regardless of the current Financial institution of England rate of interest minimize, drivers proceed to prioritise aggressive pricing and versatile fee choices. With a variety of financing options out there, we’re well-positioned to assist prospects whether or not via possession or leasing.”
The analysis additionally explored extra finance merchandise of curiosity, with 45% of drivers expressing curiosity in roadside help, adopted by MOT insurance coverage (36%) and GAP insurance coverage (31%), regardless of the latter being quickly paused from sale earlier within the yr.
Client preferences for automobile buying have been additionally highlighted, with 86% of drivers insisting on bodily viewing a automobile earlier than buy. On the identical time, 40% prioritised a seamless digital expertise, with this determine rising to 56% amongst youthful consumers aged 18-24.
Gorton added: “Dealerships should stability digital comfort with bodily showrooms to satisfy evolving buyer wants.”
