A decline in long-term car ownership triggered by PCP and PCH finance offers is driving the swifter return of motorists to the UK’s car dealerships, an AA Populus survey has revealed.
The days of owning a car are numbered. It’s not about ownership anymore – it’s about usership.
PCP accounts for more than 80% of the new car finance sold in the UK, but PCH is growing fast, mostly at the expense of hire purchase and personal loans
PCP still accounts for more than 80% of the market, but personal contract hire is growing faster than any other form of finance in new car retail
Leasing companies are increasingly appealing to more consumers through offering personal contract hire (PCH), however Arval’s UK managing director, Miguel Cabaça, has warned them not to lose sight of their corporate market.
Car buyers are being lured into scams on social media offering bogus car leasing deals, according to the The British Vehicle Rental and Leasing Association (BVRLA).
Car leasing customers showed a desire to “take control” of their car acquisition with a surge in email enquiries of 44% during the first half of 2018, ContractHireAndLeasing.com has reported.
Vauxhall Finance has launched Personal Contract Hire (PCH) and Business Contract Hire (BCH) in a move designed to boost SME business sales within the brand's UK dealer network.
Finance mis-selling will create ‘perfect storm’ in 2018 according to the boss of fleet management business who has claimed that car dealership sales staff “don’t know how PCP and PCH deals work”.
Consumers change their cars more often than they do their smartphones as their mindset shifts towards “usership rather than ownership”, according to HPI.
The point-of-sale consumer used car finance market grew 12% by value and 9% by volume in October, compared with the same month last year, according to The Finance and Leasing Association.
Personal contract hire (PCH) has grown from 5% to 7% of the new car finance market, according to Finance and Leasing Association (FLA) data, obtained by AM.
The new managing director of FCA Automotive Services is confident the continued growth in the UK’s economy and employment stability will mitigate any concerns with used car oversupply and a drop in RVs.
The automotive retail sector is sufficiently dynamic and innovative to adapt to a predicted weakening in market conditions that have led to PCP growth in the market.
