Majority of drivers say price of residing will impression subsequent automotive buy

New analysis from CA Auto Finance reveals that 73% of UK drivers say the rising price of residing or growing car costs will affect how they strategy buying their subsequent automotive.

The findings come as new automotive registrations are launched for September. Moreover, 42% of drivers expressed issues about making month-to-month funds on their automotive finance agreements.

Amongst these impacted by monetary pressures, practically half (47%) mentioned they plan to search for extra offers, signalling that automotive makers and dealerships ought to supply engaging promotions in the course of the upcoming Autumn buying and selling interval.

The examine, commissioned by CA Auto Finance, a UK subsidiary of CA Auto Financial institution, additionally discovered {that a} third (33%) of drivers plan to buy a less expensive automotive, with the identical quantity choosing month-to-month fee plans over outright purchases, highlighting a rising demand for versatile financing options.

When requested about key components influencing automotive financing selections, 51% of respondents cited aggressive rates of interest as the highest precedence, adopted by fee flexibility (43%) and belief of their finance supplier (36%).

Christian Gorton, advertising director at CA Auto Finance, commented: “Regardless of the current Financial institution of England rate of interest lower, drivers proceed to prioritise aggressive pricing and versatile fee choices. With a variety of financing options obtainable, we’re well-positioned to help prospects whether or not by means of possession or leasing.”

The analysis additionally explored further finance merchandise of curiosity, with 45% of drivers expressing curiosity in roadside help, adopted by MOT insurance coverage (36%) and GAP insurance coverage (31%), regardless of the latter being briefly paused from sale earlier within the yr.

Shopper preferences for automotive buying had been additionally highlighted, with 86% of drivers insisting on bodily viewing a automotive earlier than buy. On the identical time, 40% prioritised a seamless digital expertise, with this determine rising to 56% amongst youthful patrons aged 18-24.

Gorton added: “Dealerships should stability digital comfort with bodily showrooms to satisfy evolving buyer wants.”