Monday , October 15 2018
Home / Auto News / UK drivers aiming high with car finance deals

UK drivers aiming high with car finance deals

 

Hyundai North London

New research has revealed that 4.7 million British motorists are paying for their car on some sort of finance package.

According to the study for Kwik Fit, the UK’s leading automotive servicing and repair company, the average monthly payment across the country is £226.12.

Finance providers often highlight that one of the benefits of buying a car on finance is that motorists can drive a more expensive model than they might otherwise be able to afford.

Kwik Fit’s research reveals exactly how big an upgrade motorists make when buying with finance.

Those drivers who bought their current car outright paid an average price of £10,511, while those using finance ‘bought’ a car costing 47% more, with an average price of £15,438.

Average purchase price of car by region

London drivers pay the most each month with an average payment of £269.01. This is 43% more than motorists in Scotland, who have the lowest payments at £188.36 per month.

“This study reveals the huge sums of money which the country’s drivers are spending each month on car finance payments, either through PCPs, leases or other types of borrowing,” said Roger Griggs of Kwik Fit.

“Whichever route drivers take to finance their car, or if they pay for it outright, it’s vital that they focus on maintaining as much of its value as possible for when they come to sell it.

“Keeping it properly serviced is essential, so drivers need to ensure they are budgeting for those costs and not skimping on maintenance.”

Monthly car finance payments by GB region

Region Number of motorists paying monthly finance payments Average monthly payment Total cost per month
North West 867,000 £226.94 £196,756,980
South East 549,000 £271.63 £149,124,870
Scotland 616,000 £188.36 £116,029,760
Yorks & Humber 506,000 £218.23 £110,424,380
West Midlands 484,000 £223.72 £108,280,480
London 360,000 £269.01 £96,843,600
Eastern 335,000 £229.61 £76,919,350
South West 298,000 £253.69 £75,599,620
East Midlands 389,000 £192.19 £74,761,910
North East 213,000 £202.71 £43,177,230
Wales 127,000 £215.08 £27,315,160
GB 4,744,000 £226.12 £1,072,713,280

Source: Kwik Fit 2018

About Gareth Herincx

Gareth is a versatile journalist, copywriter and digital editor who's worked across the media in newspapers, magazines, TV, teletext, radio and online. After long stints at the BBC, GMTV and ITV, he now specialises in motoring.

Check Also

Morgan Plus 4 110 special

Morgan celebrates with ‘110 Anniversary’ range

Legendary British sports car brand Morgan has launched a range of ‘110 Anniversary’ models ahead …

Leave a Reply

Your email address will not be published. Required fields are marked *