UK Car Finance Market Report 2023
£ 2,195 (Excl.Tax)
When purchasing 2 reports
When purchasing 3 reports
When purchasing 4+ reports
£ 2,195 (Excl.Tax)
Stay ahead of the curve and secure future growth for your business with Mintel’s UK Car Finance Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest trends and consumer behaviours affecting your industry. Get a 360° view of the UK car finance industry including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
The ongoing cost-of-living crisis is having an impact on the UK car finance market. Personal finances are affected and the price of used cars remain high, so more drivers are likely to keep their current car for longer. This has a knock-on effect of reducing the demand for new finance agreements. Production and supply chain issues have also limited the opportunities for car finance.
Mintel forecasts that car finance market size will increase over the next five years, but not before experiencing an estimated 4% decline.
Many drivers are delaying plans to replace their car. However, among those that do buy in the next three years, almost a quarter are expecting to use car finance. In the current volatile economic climate, more consumers are concerned about being able to afford to purchase a car. These concerns can be eased with more stringent affordability checks at the time of purchase. By ensuring customers do not take on finance that places their personal finance under unnecessary strain, a provider will be able to build trust and loyalty with their customers.
Many consumers now expect easy-to-use, personalised digital services, similar to what they experience in other financial services markets. Companies should provide strong digital offerings, so tech-savvy consumers can start their car purchasing journey online. But in-person experiences are also vital for the car finance market. Mintel found that a higher percentage of all age groups would be most likely to use an in-person broker/dealer to find a new car finance agreement.
The focus of this report is on car finance products sold to consumers at the point of sale. The most popular car finance products are hire purchase, personal contract purchase and personal contract hire agreements. Wider information about the UK car market can be found in the UK Car Purchasing Market Report.
Purchase our full UK Car Finance Market Report 2023 to discover lucrative opportunities to help your business grow during times of financial uncertainty.
This report, written by Lewis Cone, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK car finance market and add expert context to the numbers.
Car finance continues to offer a more affordable solution for those who are unable to buy a car outright. Although the current economic situation has made the flexibility offered by alternative purchasing methods, such as car subscription services, appealing, consumers are still unsure on aspects such as contract lengths and payment terms, meaning they are still likely to use finance when purchasing their next car.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.