10:58 am, November 15, 2024
New research has shown that car dealers are consumers preferred choice for car finance with more than two thirds (69%) saying they will consider this route.
Motors Consumer Insight Panel found this figure increased to 71% when dealers showed funding options and costs on their website.
Many car buyers also said they would keep an open mind, with 61% saying they will also consider banks and other lenders.
The research was conducted by Insight Advantage for Motors, surveying 2,000 adults who are sole or joint decision makers when buying a car between September 16 – 24, before the recent court ruling.
Lucy Tugby, marketing director at Motors, said: ‘Although our research was completed before October’s Court of Appeal ruling on commission disclosures, the data highlights the importance consumers place on being able to finance their next car with a dealer.
‘Furthermore, the propensity to use dealer finance increases when retailers provide their funding options online. Consumers value online visibility to help appraise their funding options and ultimately this improves their confidence to buy.’
The data shows that from 2022, when more than a quarter (28%) said they bought their last car on monthly finance, this figure has risen to 35% in this survey.
Those expecting to use monthly finance for their next car has also risen from 33% to 37% during the same time.
The survey found the same for interest in all-inclusive monthly car subscriptions – covering servicing, road tax, insurance and breakdown cover – has grown from 42% in 2022 to 47%.
