7:45 am, December 20, 2023
The Ford Fiesta was the most financed car of 2023 as customers turned to cheaper models in the face of the cost-of-living crisis.
That is according to new data from Close Brothers Motor Finance, which has been crunching the numbers of the last 12 months.
According to the firm, 70 per cent of its dealer partners told it that customers have been looking to buy cheaper models this year.
Meanwhile, the outfit’s research found that 69 per cent of buyers are now turning to second-hand cars as budget restrictions continue to impact customer behaviour.
That trend is seen in the list of the 2023’s most financed cars, with the Ford Fiesta coming out on top with 2,329 agreements, followed by the Volkswagen Golf.
Completing the top three is the Ford Focus, with the BMW 3-Series and 1-Series just behind.
Elsewhere in the Top 10, there is room for two Mercedes – the A and C Classes – as well as the Vauxhall Corsa and Nissan Qashqai.
Lisa Watson, director of sales at Close Brothers Motor Finance, says: ‘Drivers’ continued battle with the rising cost of living is reflected in the selection of second-hand petrol and diesel-powered car models which have been financed most frequently throughout the year, such as the Ford Fiesta, Ford Focus and Volkswagen Golf.
‘This comes as no surprise due to lack of clarity around the cost of buying and maintaining an electric vehicle in comparison to a petrol or diesel-powered car.
‘The aforementioned models have affordability, versatility and accessibility in common and are Ulez compliant depending on the variant, therefore being optimal choices for a household car.
‘The transition from fossil fuel powered vehicles to electric vehicles will be no small feat as drivers and dealers face the decision of supporting sustainability by embracing potentially higher car costs.
‘During this period of economic uncertainty, consumers are realigning their priorities to support their pockets and manage household expenses.
‘Households are cutting down on the number of cars, the size of the car and number of modern features which may inflate the sale price.’
Close Brothers Motor Finance’s most financed cars of 2023
12. Volkswagen Polo
11. Audi A3
10. Range Rover Evoque
9. Nissan Qashqai
8. Vauxhall Corsa
7. Mercedes C-Class
6. Mercedes A-Class
5. BMW 1 Series
4. BMW 3 Series
3. Ford Focus
2. Volkswagen Golf
1. Ford Fiesta
