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Research from CA Auto Finance reveals that 73% of UK drivers expect the cost of living or increased cost of cars to impact how they’ll approach purchasing their next car
Of those that said this, nearly half (47%) said they plan to shop around for more deals
While more than two in five (42%) said they have been concerned about making monthly payments on their car finance agreement.
The study also revealed that a third (33%) of UK drivers said they plan to buy a cheaper car, while the same number stated they will choose a monthly payment plan instead of buying outright, illustrating a need to support drivers with flexible financing.
When it comes to the top three factors affecting car financing decisions, more than half (51%) of respondents to CA Auto Finance’s research said that they will be looking for competitive interest rates when purchasing a new car. This was followed closely by payment flexibility (43%) and selecting a finance provider they trust (36%).
Christian Gorton, marketing director at CA Auto Finance, said: “Despite the recent interest rate cut by the Bank of England, it’s no surprise that drivers are prioritising competitive pricing models and payment flexibility when financing their cars.”