Almost half of Britain's used car buyers would go green and
choose an electric or hybrid model if they had the option, a new
study by CarFinance 247 has
revealed. Despite the choice
of used eco-friendly motors still being relatively limited,
making up only a tiny proportion of the country's
8 million
used car sales every year, 49%
of buyers would get an electric, hybrid or plug-in hybrid if they
could, compared to 32% wanting petrol models and 19% opting for
diesel.
Unfortunately, however, price remains the top consideration for
customers, followed by running costs and style, says the study
of 2,000 used car buyers. The
most common second-hand car bought in Britain
today is a
metallic black petrol Ford. The
car most customers say they want, however, is a metallic black
hybrid Audi.
Whilst the new car market took a the
hit in 2019, the trade in second-hand models showed little or
no slowdown, according to a comprehensive study
and subsequent
report by CarFinance 247,
the UK's leading online finance broker for used
vehicles1.
Two thirds of people get their used car from a dealer, with
more than half of buyers
paying for it in cash, 28% taking out a loan or hire purchase,
and 10% using a credit card. The
average monthly used car loan payment for people who used a
finance broker is £413, or around 19% of their take-home
income. In London that jumps to £456.
When it comes to choosing a used car, the most desired
feature is a built-in sat-nav, followed by self-parking,
rear-view camera, built-in WiFi and
heated seats, with the manufacturer and colour breakdowns
below:
Top 10 most desired used cars
Top 10 most desired colours
The report’s commissioners, CarFinance 247 CEOs,
Reg & Louis Rix, comment: "Drivers definite want to be more
green because they care about the
planet. Electric and
hybrid cars will undoubtedly be
a huge area of growth in future, but price is still the main
consideration for most customers, so eco-friendly cars need to
become cheaper and more plentiful before they really take off
in the second-hand market."
Clearly the future will be green, and the coming years should
prove to be an exciting time for the used car
market.
To read the full report ‘A
Definitive Report on the UK’s Used Car Finance Market in
2020’, please
visit www.carfinance247.co.uk/used-car-finance-market-report-2020 or see
the full report HERE
1 The
UK’s number one online car finance broker by unique users to
the website. Based on Hitwise data –
108,204 to CarFinance 247
vs. 63,343 for
nearest competitor. January 2019.
