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Paragon broker survey reports motor trade confidence

Paragon survey

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26 August 2015

The first Paragon Car Finance Headlight Survey has reported confidence amongst the UK car-buying public, with 60% of brokers describing car buyer confidence as strong or very strong.

The Paragon broker survey, tracking the views of some of the UK’s largest motor finance brokers, demonstrated brokers’ optimism for the future, with almost three quarters expecting to finance more vehicles over the next three months; over than one quarter are expecting to finance around the same amount.

The survey also showed that finance customers have been replacing their cars more frequently over the last year – three times as many brokers reported that the replacement cycle has become shorter for their customers than those who’ve seen it lengthen. Brokers reported that one in eight finance customers now replace their vehicles every two years, almost half exchange their car every three years and the remaining 39 percent replace their vehicle every four years.

Brokers also reported that 23 percent customers are paying a little more each month when arranging finance

Brokers also reported that 23 percent customers are paying a little more each month when arranging finance for a new vehicle purchase, which paints an encouraging picture of steady growth.

Head of Paragon Car Finance, Julian Rance, said;

“Active across the UK, brokers have a unique insight into the market and it’s important for lenders to understand their perspective and shape our products accordingly. The level of optimism that brokers are reporting is very positive and a marked demonstration of the strength of the UK car finance market.”

Director of Mann Island Finance, Mark Owen-Jones, added;

“The Headlight Survey provides a valuable platform for finance introducers to get their views out into the market. The results this time round underline just how positive car buyers feel about the future and how they’re using finance to fund more frequent and higher value purchases.”

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