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\u201cWe have all felt a rise in our monthly outgoings over the past 18 months and spreading the cost of purchasing a new car is an option more people are considering.\u201d<\/p>\n
This assessment has been backed up by Close Brothers Motor Finance who admitted finance options were now a genuine option for motorists.<\/p>\n
In last month’s Forecourt Foresight research, a staggering 47 percent of dealers surveyed said customers were looking at more finance options.<\/p>\n
However, the true number could be a lot bigger with 36 percent of sellers on the fence over whether the number of finance deals had increased.<\/p>\n
DON’T MISS <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n Lisa Watson, Director of Sales at Close Brothers Motor Finance said: \u201cWith the current economic climate, consumers are having to alter their buying plans in the face of the current cost-of-living crisis.\u201d<\/p>\n She added: \u201cDealers need to utilise all available tools and data to make sure they are stocking their forecourts to best meet demand and ensure that they are taking the time to understand a buyer\u2019s wish list and tailor suitable finance products to meet their requirements.\u201d<\/p>\n Last month it was revealed that second-hand car buyers have opted for older models to save money.<\/p>\n Data collected by eBay Motors found that four in five online searches in August were for models five years or more.<\/p>\n Older cars made up a staggering 81 percent of searches compared to 77 percent back in 2022.<\/p>\n Lucy Tugby, marketing director of eBay Motors Group said: \u201cFor those buyers needing a car out of necessity, the focus was on older age profiles, demonstrating how the cost of living crisis is continuing to impact affordability.\u201d<\/p>\n
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