This month, Codeweavers are looking at key car finance trends taken from car buyers interacting with a Codeweavers’ calculator on a dealer’s website over the last month based in the West Midlands.
Our aim is to provide both insight and to an extent a benchmark that dealers can use to enhance the value of finance in their online offering.
The affordability appeal of PCPs is very evident; what is also clear is that they are hungry for knowledge about the product with a notable 62% watching the ‘What is PCP’ video. The availability of videos is useful both as a sales and TCF tool because the customer viewing it is now aware of the fundamentals of the product with clear explanation that also increases their ‘stickiness’ to the dealer – win win!
This demonstrates the importance of having a mobile friendly website and a finance calculator, designed for use on a mobile, which is laid out clearly and transparently. Not having such a tool, under serves almost half of all potential buyers.
Have you been targeting this age group with offers that will entice them? Start monitoring what they are entering into your calculator and create some eye catching special offers. Codeweavers have a used car offers tool so you can embed finance offers instantly into your calculator.
From a finance perspective, the average deposit was £2,000, and the average requested term was 60 and months and the ideal monthly payment was £250. If you are selling Fords in the West Midlands, it may be worth reviewing what your default parameters are in your calculator to suit your customer's requirements.
We hope the insights prove useful.