Car finance trend findings for 25 - 34 year olds

thumb

29th January, 2018

Car finance trend findings for 25 - 34-year-olds

Last month over 3,500,000 car buyers viewed a finance quote generated by a Codeweavers calculator on a dealers website. Codeweavers software enables the car buyer to get an accurate finance quote, using the lender's rates and terms the dealer uses. Of these car buyers, over a third (1,196,807) went on to tailor a finance quote to their individual requirements.

If the dealer works with multiple finance lenders, Codeweavers can provide these car buyers with finance quotes based on all of the dealers chosen lenders’ parameters.

Last month, Codeweavers focused on car buyers between the ages of 25 - 34 years who were interacting with a finance calculator.
Based on Codeweavers’ stats of users interacting with a finance calculator, this was the most popular age group looking at financing a vehicle.

Of these 25-34-year-old car buyers, 52% opted to tailor a PCP finance quote rather than any other finance product. Looking at how long these car buyers were interested in taking out a finance agreement, the most popular term was 48 months followed by 60 months.

Based on these findings, it suggests that 25 - 34 years olds would like to take out a finance agreement for a longer period of time, meaning that they either want to reduce the monthly payments they are paying, or deposit they are putting down.

Interestingly, these car buyers were interested in paying £200 a month to finance their car. This suggests that £200 was a comfortable amount for these car buyers to pay each month, so why not create some special offers on your website that are based on this finding?

We hope you find these findings useful! If you would like further information on these stats please email us on: marketing@codeweavers.net

arrow pointer