A roundup of this year’s car finance trends

As the year draws to a close,we thought we would provide you with a ‘total’ year view of the finance trends we have found throughout 2017 in the UK based on consumer activity.

This year,over 30M unique car buyers viewed a finance quote on dealer websites from a Codeweavers plugin calculator and over 11M went on to personalise a finance quote to their needs. Unquestionably, this demonstrates the value of a finance calculator in helping a dealer’s digital ‘stickiness’ and more especially in helping to capture the attention and interest of would-be car buyers.

The most popular finance quote information entered by car buyers was; a term of 60 months,a deposit of £1,000 and a monthly payment of £200. Very evidently,the monthly payment is important,but at the same time,so is a low deposit. This may be the generic picture,but we encourage dealers to use their own finance calculator data from your website to determine what your car buyers are entering. You can then change your default finance quote information to match your real life customer needs.

In terms of timing, unsurprisingly,September was the most popular month for calculator activity. What will be more useful is the fact that the most popular day that car buyers personalised a finance quote was a Monday. Going further,car buyers interactions with a finance calculator typically peak at 7pm. So have your staff in place to manage any enquiries at this time and be imaginative with offers etc,at these times.

The most popular locations that that car buyers personalised a finance quote were the major contributions; London,Manchester and Birmingham. You may not be based there,but you can use targeted marketing online to reach this audience to help capture more customer leads.What is Personal Contract Purchase? Was the most played finance explainer video played this year,demonstrating the need to educate car buyers about PCP and how this product works.


By: Codeweavers - 29/11/17

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