Over 4.7 million drivers are paying for car finance each month in the UK at the cost of £1.07 billion.
According to a study commissioned by Kwik-Fit, the average monthly payment across the country was £226.12.
Finance providers often highlight that one of the benefits of buying a car on finance is that motorists can drive a more expensive model than they might otherwise be able to afford.
Those drivers who bought their current car outright paid an average price of £10,511, while those using finance ‘bought’ a car costing 47% more, with an average price of £15,438.
The North West of England is the region with the biggest overall monthly bill, with 867,000 motorists paying a total of almost £200 million each month.
Individually, London drivers pay the most each month with an average payment of £269.01. This is 43% more than motorists in Scotland, who have the lowest payments at £188.36 per month.
Kwik Fit’s research has also revealed that London drivers choose more expensive cars than the rest of the country.
On average, motorists in the capital have paid over £1,000 more than drivers from Yorkshire, the region with the second highest purchase price.
While the average purchase price paid by motorists across the country is £11,170 (including both new and used cars), drivers in London have paid 24% more than this at £13,814.
This is a whopping 44% more than South West, the region with the lowest average purchase price at £9,624.
Monthly car finance payments by GB region | Volume of deals | Average payment | Total |
---|---|---|---|
North West | 867,000 | £226.94 | £196,756,980 |
South East | 549,000 | £271.63 | £149,124,870 |
Scotland | 616,000 | £188.36 | £116,029,760 |
Yorks & Humber | 506,000 | £218.23 | £110,424,380 |
West Midlands | 484,000 | £223.72 | £108,280,480 |
London | 360,000 | £269.01 | £96,843,600 |
Eastern | 335,000 | £229.61 | £76,919,350 |
South West | 298,000 | £253.69 | £75,599,620 |
East Midlands | 389,000 | £192.19 | £74,761,910 |
North East | 213,000 | £202.71 | £43,177,230 |
Wales | 127,000 | £215.08 | £27,315,160 |
GB | 4,744,000 | £226.12 | £1,072,713,280 |
cardealer - 26/07/2018 10:39
is this for used or new cars? Or inclusive of both?