The health of the UK’s automotive market is a good indicator of the overall economic outlook for the nation as a whole, so it is reassuring to see that the number of people buying new cars via finance packages is still on the rise.
For many, owning a car outright is no longer a necessity thanks to the rapid rise in the popularity and availability of personal contract purchase financing. This is part of the reason that almost two-thirds of new cars sold in February of 2019 involved finance arrangements of some form.
Important Findings
The figures published by the Finance and Leasing Association make even more interesting reading when split between vehicles purchased by businesses and those ordered for private use by consumers.
The power of finance packages has become so significant that nine out of every ten cars purchased for personal purposes are funded in this way rather than relying on an upfront payment.
The UK’s new car market has been buoyant for some years now, with overall sales growing by 1.4 per cent year on year over the course of February. Experts agree that this is no doubt being helped by affordable and competitive finance options being available, even if 2018 did see a single-figure dip in sales across the industry.
Other Considerations
One additional factor that is playing a part in shaping the automotive market at the moment is the growth in the availability and demand for hybrid and all-electric vehicles. The Tesla Model 3 is set to launch in the UK this year, marking the most affordable entry in this pioneering manufacturer’s line-up, alongside a bevy of other eco-friendly cars from rival manufacturers.
For providers of vehicle repair and MOT testing services, the arrival of technologies like this will make the procurement of cost-effective motor trade insurance all the more relevant. With the help of the likes of Quote Me Today online motor trade insurance quotes, securing affordable cover to protect against problems which arise when working on electric and hybrid vehicles will be simpler.
There is little doubt that the long-term prospects for the car industry in the UK are difficult to predict given the uncertainty that Brexit is generating at the moment. However, the competitive nature of current finance package and these positive figures show that it is not all negative. Finance for New Cars Is Growing
The health of the UK’s automotive market is a good indicator of the overall economic outlook for the nation as a whole, so it is reassuring to see that the number of people buying new cars via finance packages is still on the rise.
For many, owning a car outright is no longer a necessity thanks to the rapid rise in the popularity and availability of personal contract purchase financing. (AUTHORITY URL: https://www.telegraph.co.uk/money/consumer-affairs/should-rent-next-car/) This is part of the reason that almost two-thirds of new cars sold in February of 2019 involved finance arrangements of some form.
Important Findings
The figures published by the Finance and Leasing Association make even more interesting reading when split between vehicles purchased by businesses and those ordered for private use by consumers.
The power of finance packages has become so significant that nine out of every ten cars purchased for personal purposes are funded in this way rather than relying on an upfront payment.
The UK’s new car market has been buoyant for some years now, with overall sales growing by 1.4 per cent year on year over the course of February. Experts agree that this is no doubt being helped by affordable and competitive finance options being available, even if 2018 did see a single-figure dip in sales across the industry.
Other Considerations
One additional factor that is playing a part in shaping the automotive market at the moment is the growth in the availability and demand for hybrid and all-electric vehicles. The Tesla Model 3 is set to launch in the UK this year, marking the most affordable entry in this pioneering manufacturer’s line-up, alongside a bevy of other eco-friendly cars from rival manufacturers.
For providers of vehicle repair and MOT testing services, the arrival of technologies like this will make the procurement of cost-effective motor trade insurance all the more relevant. With the help of the likes of Quote Me Today online motor trade insurance quotes, securing affordable cover to protect against problems which arise when working on electric and hybrid vehicles will be simpler.
There is little doubt that the long-term prospects for the car industry in the UK are difficult to predict given the uncertainty that Brexit is generating at the moment. However, the competitive nature of current finance package and these positive figures show that it is not all negative.
0
0
