Change in car buying behaviour

Wed, 23 Jul 2008



According to a recent poll by leading car supermarket and car finance provider Motorpoint, around two thirds of motorists have changed their car buying habits due to the credit crunch.

Despite the claim, Motorpoint reported sales up 7.6% year on year, largely due to the need for people to choose car finance as traditional lenders tighten their criteria on personal loans and other finance streams to purchase a car.

The study indicates that just under 70 per cent of motorists will hold off on replacing their car due to financial uncertainty. The poll reached some 4,500 people. The Managing Director of Motorpoint, David Shelton, reportedly commented:

"With many people finding it difficult to source finance from other lenders, we are finding that our finance products such as Boomerang are proving even more popular, helping to make changing a car both easy and affordable for customers."
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