Recent research from CA Auto Finance reveals that 73% of UK drivers say the rising cost of living or increasing vehicle prices will influence how they approach purchasing their next automotive.
The findings come as recent automotive registrations are released for September. Moreover, 42% of drivers expressed concerns about making monthly payments on their automotive finance agreements.
Amongst those impacted by financial pressures, nearly half (47%) said they plan to search for more deals, signalling that automotive makers and dealerships should offer attractive promotions in the course of the upcoming Autumn trading period.
The study, commissioned by CA Auto Finance, a UK subsidiary of CA Auto Bank, also found that a 3rd (33%) of drivers plan to buy a less expensive automotive, with the identical number choosing monthly payment plans over outright purchases, highlighting a growing demand for flexible financing solutions.
When asked about key aspects influencing automotive financing decisions, 51% of respondents cited competitive rates of interest as the highest priority, followed by payment flexibility (43%) and trust of their finance provider (36%).
Christian Gorton, marketing director at CA Auto Finance, commented: “Despite the recent Bank of England rate of interest cut, drivers proceed to prioritise competitive pricing and versatile payment options. With a big selection of financing solutions available, we’re well-positioned to support customers whether through ownership or leasing.”
The research also explored additional finance products of interest, with 45% of drivers expressing interest in roadside assistance, followed by MOT insurance (36%) and GAP insurance (31%), despite the latter being temporarily paused from sale earlier within the yr.
Consumer preferences for automotive purchasing were also highlighted, with 86% of drivers insisting on physically viewing a automotive before purchase. At the identical time, 40% prioritised a seamless digital experience, with this figure rising to 56% amongst younger buyers aged 18-24.
Gorton added: “Dealerships must balance digital convenience with physical showrooms to fulfill evolving customer needs.”
This Article First Appeared At www.am-online.com
