EVERYONE'S CHANGING: Experian reveals interesting stats on financed cars

摘要

New analysis from Experian, the global information services company, has revealed that of all the new and used cars bought through a motor finance deal during 2012, 54 per cent changed registered keeper before the term was due to end. In comparison, during 2009 only 35 per cent of motorists changed their cars before the end of the finance agreement and the figure stood at only 28 per cent in 2007. These figures show that motorists are opting to change their vehicles increasingly early, indicating that they are either seeking to rearrange their finances or are being attracted by an upgrade or the desire to change to something better suited to their current needs. Experian's analysis of over 87,000 hire purchase (HP) and personal contract plan (PCP) motor finance agreements across the UK, revealed that during 2012 a keeper change occurred on average nearly 13 months before the original finance term was due to end.