Brits prioritise gym payments over car finance commitments

Time 9:13 am, April 26, 2016

GYM memberships, phone bills and new clothes are seen as bigger financial priorities than making car leasing or finance payments, according to new research.

The poll, conducted on behalf of The Money Shop, quizzed respondents on which financial commitments were most important after payday and found that drivers are failing to understand the serious consequences of not making car finance payments on time.

Just three per cent of those polled said their car finance or leasing instalment was their most important payment to be made after payday, while six per cent said they pay their phone bill first. A higher percentage of respondents also viewed new clothes or shoes and gym memberships as their most important financial priority.

According to statistics from the RAC, nearly one-in-four-cars that undergo a HPI check come back as having outstanding finance.

The survey also revealed that rent or mortgage remains the most important payment for the highest percentage of Brits at 43 per cent, followed by utility bills at 19 per cent, with around one-in-20 admitting to usually being overdrawn at the end of the month.

Stuart Howard, CEO of The Money Shop, said: ‘It is important to us that our customers make the right financial decisions whatever their situation and we are keen to assist in the best way we can.’

MORE: Sir Arnold Clark becomes ‘first billionaire car dealer’

MORE: Motor Village Marylebone hosts famous photographer’s exhibition

MORE: Businesswomen will seek to inspire girls to carve out career in motor industry at CDX16

On Want To Make Your Car Even Better On Snow? Here’s How

Car Dealer Magazine's avatar

Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

More stories...

ATG Advert
Server 108