Although just under half of UK consumers take
at least a month to buy a car, 22% then take less than two hours to
decide to take out car finance, according to a survey of 1,000 UK
car owners carried out by BMW Financial Services.
The survey also found that 55% of car buyers
don’t consult their partner about car finance, making the decision
independently, in contrast to other big-ticket items where they
would consult their partner, such as a new kitchen (63%), holidays
(64%) and sofa (64%).
Go deeper with GlobalData
Four in ten drivers now see finance as a
‘perfectly acceptable’ way to own a new or used car, and a third of
UK drivers would rent-to-own their car. Of those who would
rent-to-own, the majority are in the younger age brackets (35% of
18-24 year-olds and 37% of 25-34 year-olds), while those aged
65-plus prefer to own outright.
BMW Financial Services’ general manager of
sales and marketing Joe Pattinson said: “Finance is the car
purchasing model for the future. As younger consumers adopt
rent-to-own as the more savvy decision, this is less an indication
of the economic climate and more a long-term purchasing trend that
is here to say. Car finance will become the norm in the
not-too-distant future, as attitudes to the concept of ownership
evolve.”
The survey also reveals the considerations UK
consumers take into account when looking for a car, which are:
affordability and within budget (93%); functional features, such as
the size, the number of doors and boot space (90%); fuel
economy (89%); driving performance (83%); resale value (54%); and
brand image and status (38%).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
