Carfinance247.co.uk reveals how females favour finance when buying a car

MANCHESTER, England, Oct. 19, 2012 /PRNewswire/ -- Nearly twice as many women than men have bought a vehicle using finance in the last 12 months, according to an independent study from carfinance247.co.uk.

The research* from the car finance specialist found that in the last year, of those questioned:

• 33% have bought a car;
• of those, 69% funded it via cash or savings; 10.5% used car finance; 10.5% used a bank or other lending organisation; and, 10% borrowed from friends and family;
• 72% of males used cash as opposed to 64% of females;
• nearly twice as many (15%) females favoured car finance compared to males (8%);
• 62% of those who paid using cash earn less than £10,000 a year;
• 10% of those earning over £40,000 a year used car finance;
• those aged 18-29 accounted for the highest age group (19%) turning to car finance.

The study also showed:

• 25% of all those questioned are planning to buy a vehicle in the next 12 months;
• of these, nearly twice as many are males (29%) compared to 16% of females;
• 73% plan to pay in cash or by using savings;
• a third more females (24%) plan to use car finance or go to a bank compared to males (16%);
• 19% of those in the 18-29 age groups plan to borrow money from family / friends compared to just 2% of those aged 30-39.

Louis Rix, Director at Carfinance247.co.uk, says: "It is interesting to see that more women than men are turning to finance options when it comes to buying a car.  This may be because men utilise other options available to them, such as using savings or borrowing from friends and family, which women may not feel comfortable doing. Or it could simply be that the fairer sex know a good deal on car finance when they see one!"

*Independent research of 200 people carried out in October 2012 on behalf of Carfinance247.co.uk by Usurv.

Contact:

Louis Rix, Director of carfinance247.co.uk, on: 0845 129 5526 or email: [email protected]

SOURCE Carfinance247.co.uk