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 10 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.
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“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. They are: affordability
and within budget (93%); functional features, such as size, number
of doors and boot space (90%); fuel economy (89%); driving
performance (83%); resale value (54%); and brand image and status
(38%).
