The days of car buyers paying large deposits for a new car could be numbered, according to Concept Vehicle Leasing.
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.
Nissan announced a variety of new PCP offers including 0% APR representative, deposit contributions and cost-saving service plans.
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
Almost a third of car buyers who purchase their vehicle outright have left themselves short of cash after committing too much of their savings, an AA Populus survey has found.
Lawyers who led large-scale PPI mis-selling claims are poised to turn their attention on PCPs following the conclusion of the Financial Conduct Authority’s (FCA) investigation into car finance, it has been claimed.
Suzuki GB will launch its new Swift Sport performance hatchback with a £1,500 discount available to customers who buy the car before the end of June.
The new and used car markets can be a bit of a challenge during the month of April with plenty of distraction for the retail consumer often leading to a patchy month in terms of both demand and sales.
PCP car finance offers continued to dominate the sector in April with a 21% increase in volumes over the same period in 2017, enquiryMAX has revealed.
Startline Motor Finance has seen franchised car dealerships achieve 50% penetration with a new “flexible prime” PCP product launched only last month.
Independent retailers offering PCP funding on used cars have an opportunity to grow their sales during 2018 but may be challenged by new contract hire companies, according to Adesa Remarketing.
The Financial Conduct Authority has re-stated its intention to focus on transparency, affordability and car dealers' comission arrangements in its Business Plan 2018/19 as an investigation continues into the motor finance sector.
The used car market performed surprisingly well during March despite the best efforts of the continued bad weather to disrupt it.
The Financial Conduct Authority has said that it will continue investigations into the “risk of harm” posed by motor finance, with its final findings expected to be delivered in September.
Car dealers’ ‘addiction’ to the lowest possible monthly PCP payments is unsustainable for motor retailers and their brands in the long term.
Auto Trader has insisted that the car “finance bubble” is not about to burst, claiming that the affordability it delivers is key to social mobility and cleaner motoring in the UK.
Cap HPI has revealed the average price of a new car has risen 38% over the last decade, with a PCP-fuelled push towards SUVs and premium cars the main driver of change.
The Finance and Leasing Association’s head of motor finance Adrian Dally has said that lenders expect a “stable” 2018 after full-year results from 2017 revealed new business had grown 2% by value and 7% by volume.
