Four in ten Brits want to change car this year – | Tech News
Four in ten Brits are contemplating altering automobiles this year however many are so confused by financial preparations they don’t know the place to begin. New analysis reveals that 28% are uncertain how to start, with 57% unaware that a vehicle could be offered earlier than paying off a car finance loan in full. Meanwhile 20% really feel trapped in their present settlement, in accordance to the survey by used-car market Motorway.
The analysis additionally revealed that many are reassessing their greatest bills after the expensive Christmas period, with 63% vowing to be more financially savvy this year. For drivers, this means tackling car prices. Average month-to-month car finance repayments now stand at £300, however the lack of readability across the course of has left many feeling caught.
Key sticking factors embody financial phrases. Around 32% of drivers admit they don’t perceive what “negative equity” means, leaving many uncertain about what they’ll really do when it comes to promoting a car that also has a finance plan connected.
Negative equity, the place you owe more on loan than the worth of your car, can complicate promoting it on.
Financial professional Clare Seal stated: “Buying a car using a Hire Purchase (HP) or Personal Contract Payment (PCP) is often criticised, but for many people, it’s a necessity – and it can be a smart financial choice.
“What’s often misunderstood is that you don’t need to wait until your finance is fully paid off to sell your car. Platforms like Motorway make the process straightforward and stress free.”
Once you’ve got secured a settlement determine out of your finance supplier and obtained an instantaneous valuation from Motorway, you’re free to checklist your car in Motorway’s day by day public sale, with more than 7,500 verified sellers bidding to buy your car.
The profitable seller clears the remaining finance immediately together with your lender and sends any surplus straight into your bank, making the entire course of as straightforward as promoting a car you own outright.
Becky Wells, automotive professional at Motorway, stated: “We know that the process of selling a car on finance can seem confusing, with some car owners unaware it’s possible at all.
“We take care of the admin and make the process as simple as possible. The dealers we work with are experienced in buying vehicles that are still on finance.
“If you are considering selling a financed car in 2026, you can do so with complete confidence through Motorway.”
To discover out more about promoting your car trouble-free go to Motorway
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