Paragon pointers
- 45% of car finance brokers report an increase in applications for 4x4s
- 18% of brokers report a decline in applications for convertibles
- Electric cars gain traction, with almost one third (31%) of brokers reporting growth
NEARLY half of the UK’s largest motor finance brokers reported a rise in finance applications to buy a 4×4 this summer according to the Q3 2015 Paragon Car Finance Headlight Survey.
In contrast to 4x4s demand, 18% of brokers said finance applications for convertible were down year on year, perhaps reflecting the relative value of an all-terrain vehicle when navigating the UK’s unsettled summer weather.
Interestingly, brokers also highlighted a rise of nearly a third in applications for electric vehicles, demonstrating that environmental impact is a key consideration.
Julian Rance, head of Paragon Car Finance, said: “The surge in finance applications for 4×4 vehicles recorded by brokers over Q3 2015 highlights the increasing popularity of this category with UK consumers.
“While nothing can beat the glamour of a convertible, increasing numbers of UK car buyers are opting for the space and versatility of a 4×4 to make the best of the great outdoors even during the summer months.”
The Paragon Car Finance Headlight Survey covers the third quarter of 2015 from June to September. The full results will be published in November.
