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The used car market has “changed” due to the UK’s ongoing cost of living crisis, according to experts.
Second-hand vehicle dealer Noya Motor Group has admitted consumers have changed their approach to buying with drivers desperate to keep more money in their pockets.
Roy Sharf, owner of Noya Motor Group, claimed finance deals have increased with road users opting for monthly repayments instead of hefty upfront charges.
Speaking to Express.co.uk, Mr Sharf said: “We have seen a change in the way people are purchasing their cars since the cost of living crisis has hit the UK.
“More consumers are opting to finance their vehicle, keeping their savings accessible for general outgoings and necessities.
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“We have all felt a rise in our monthly outgoings over the past 18 months and spreading the cost of purchasing a new car is an option more people are considering.”
This assessment has been backed up by Close Brothers Motor Finance who admitted finance options were now a genuine option for motorists.
In last month’s Forecourt Foresight research, a staggering 47 percent of dealers surveyed said customers were looking at more finance options.
However, the true number could be a lot bigger with 36 percent of sellers on the fence over whether the number of finance deals had increased.
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Lisa Watson, Director of Sales at Close Brothers Motor Finance said: “With the current economic climate, consumers are having to alter their buying plans in the face of the current cost-of-living crisis.”
She added: “Dealers need to utilise all available tools and data to make sure they are stocking their forecourts to best meet demand and ensure that they are taking the time to understand a buyer’s wish list and tailor suitable finance products to meet their requirements.”
Last month it was revealed that second-hand car buyers have opted for older models to save money.
Data collected by eBay Motors found that four in five online searches in August were for models five years or more.
Older cars made up a staggering 81 percent of searches compared to 77 percent back in 2022.
Lucy Tugby, marketing director of eBay Motors Group said: “For those buyers needing a car out of necessity, the focus was on older age profiles, demonstrating how the cost of living crisis is continuing to impact affordability.”
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