Car buying decisions unaffected despite Brexit

man-driving-car

A recent survey of more than 320 consumers found that approximately 70% were unaffected in their car buying decision following the result of the summer’s EU referendum vote.

It was also reported that approximately 73% of the survey respondents had not changed their mind on when they were planning to purchase their vehicle.

These impressive statistics are contributors to increased consumer confidence in the UK car market, and have assisted in creating strong post-Brexit stability, something which is welcomed by both the overall automotive industry and the general economy.

Brexit and car financing

Similarly, of those surveyed, 76% stated that the ‘Leave’ vote had not changed the way they planned to finance their car. This data can be supported by Creditplus, whose 29% increase in online car finance applications so far this year is attributed in part to the Brexit result. Like other car finance providers, Creditplus were braced for the impact that the EU referendum might have bought; it appears however that the car industry market has not suffered any detrimental effect in the four months following the vote.

Delivering the right car finance deal

As consumers become increasingly more knowledgeable when it comes to spending their money and finding the best deals, it is important that car finance providers such as Creditplus create the best finance packages for their customers. As the UK’s leading ethical car finance provider, Creditplus pride themselves on putting the well-being of their customers first, dedicating their time to finding the best car and finance deal for the customer. Their ethical lending policies mean they will only provide affordable car finance loans, through transparent and honest communication and in tailoring finance packages to each customers’ individual needs and circumstances.

Despite 22% of the survey’s respondents claiming that Brexit had in fact modified the amount they would be willing to pay for a car, it does show that the market remains positive as consumers are still looking to purchase cars and car finance.

Speaking about the car industry’s confidence and the impact this will have on Creditplus, Shaun Armstrong, and the company’s Managing Director, commented: “Interest charges remain low in car loans and certainly will remain at these levels for the foreseeable future; liquidity in car loan lenders also remains strong with 2016 looking like a 12% growth for the motor loans industry.

With consumers also paying the lowest mortgage rates now for over eight years, the only change or affect of consumers borrowing on cars will be potential job losses in certain sectors. As long as consumers feel secure in their jobs we will see a very stable and increasing marketplace.”

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