Moneyshake Consumer Car Buying Report

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Our latest research initiative has revealed consumer opinions on car buying. In particular, what they think of the process of searching for a new model, plus what it’s like to change a car with existing finance. Discover our full consumer car buying report here.

 

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⅓ of consumers without a car don’t have one because vehicle choice is too vast, or they found vehicle finance options too confusing

 
Man holding a wooden car and a question mark
 

Car buying is a process which, despite progressions in technology, isn’t getting any easier. Our latest research shows that most people’s opinions of finding a new car is difficult, with 57% of consumers stating as such.

A quarter of the people we surveyed didn’t have a car, and when asked why, 30% of them gave one of two reasons:

  1. I wouldn’t know where to begin finding the right finance method
  2. The choice of cars is too vast – I don’t know what car is right for me

The study highlights how, despite advancements in technology on digital car buying platforms, people are still confused about where to go to find the right vehicle or how to go about financing it.

Consumer choice is too vast and despite the information being available, it takes a lot of time and effort to sift through it all and make a decision. This process is so off-putting to prospective buyers that they avoid getting a car all together.

 

“It’s alarming how many people enter and leave the market because they’re baffled by complex finance options and too many choices for a car. As a technology driven business, we’re passionate about innovating the car buying market and are set to shape the way people find a new car with our empowering products.”

Eben Lovatt, Moneyshake CEO
 

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Nearly half of people know that changing a car with outstanding finance will require time and effort

 
Dealer new cars stock
 

With most cars on UK roads funded using some form of finance, many people will encounter a situation where they have to change it before it’s paid off. Our latest research showed that 48% of consumers that have been in this situation knew it would require time and effort to do.

Not only do people have a preconception that changing their car will be time-consuming, but our report showed that those who do confirm these thoughts. 40% of people who changed their car with outstanding finance said that it was a difficult process.

Many car finance agreements have complex payment structures that can make it difficult to understand what course of action is best when looking to change vehicles. Of those people we surveyed, 87% said that a tool which helps find them the best car finance option, regardless of their current car situation, would solve this problem.

 

“Consumer opinions are important for shaping our product roadmap. This latest initiative demonstrates the level of frustration among car buyers looking to change a vehicle that has outstanding finance. We’re passionate about challenging the norm to find a better way for people to change their car. Our summer product launches will simplify this process, empowering consumers to make the freedom to make the right choice when switching vehicles.”

Eben Lovatt, Moneyshake CEO
 

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More than half of people find the process of getting the right deal on a new car difficult

 
Young man frustrated sat in a car
 

Car buying is continually advancing with technology as dealerships and online vehicle marketplaces tailor their services to digital consumers. However, there’s a difference between being able to find a car and knowing that it’s the right deal, and it’s the latter that is still a burden for many people in the market for a vehicle.

Our latest research initiative shows that the majority of car buyers still find it difficult to get the right deal. When asked to rate their experience of finding the right deal, 57% of people said that it was tough.

Today’s market is crying out for a consumer champion that can provide the most effective way for people to find the best deal that’s right for them. Using this feedback from consumers, we are set to launch new products that will tackle these fundamental issues.

 

“We believe in giving consumers the best information to make the best decisions when it comes to financing a car. These research initiatives enable us to stay dialled in with what genuine buyers in the market want. Following this response, all of the team is now keen to deliver our new product launches to create a better, faster and simpler solution.”

Eben Lovatt, Moneyshake CEO
 

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