£200 is ‘preferred’ monthly car payment
16:25 20 November 2015
More buyers want to pay around £200 per month for their next car than any other round figure.
Analysis by car research and sales website Motors.co.uk which powers Archant’s Drive24 motoring site, from looking at data input to its site by prospective buyers, found that while deposit amounts varied, 19% of people wanted monthly finance payments of around £200.
The next-most popular specified target payment was £150 per month, with 16% of the survey.
That 34% of users selected ‘any’ for their monthly payment suggests a high proportion of speculative browsing.
But the website is suggesting that more people are coming to view the monthly payment as what matters most to them.
Phill Jones, managing director of Motors.co.uk, said: “While some consumers are still interested in the headline price of their next car, a growing number are taking a lead from the technology companies and considering the monthly impact of changing vehicle on their disposable income.
“Indeed, with platforms like Spotify and Netflix changing the way in which consumers think about paying for products, we believe there is a clear opportunity for dealers to increase their promotional emphasis on monthly payment.”
More than half (53%) of the site’s users had searched for deals with 0% deposit, while a further 11% were happy to put £500 down and 17% were looking to contribute £1,000 up front. More than 80% of buyers, therefore, are looking to buy with a deposit of £1,000 or less.
The latest figures from the Finance & Leasing Association show that consumer take-up of dealer-sourced car finance is higher than ever, and still increasing. How much would you be prepared to pay each month for the right car? Email firstname.lastname@example.org