Why customers are changing their cars more than ever

Posted on 26th November 2019

Here at HPL Motors, we have a 20% increase in returning customers in the past two years. This would support the trend that customers are changing their car more than ever before, and we have seen this first-hand. 

However, the real question is, why? 

Isn’t it just more expensive? 

Is the next years’ model that much better? 

How are people affording to buy a new car every year?

I can tell you, it is due to being able to buy a car on finance. For those who don’t know what this means, you simply pay a fixed fee each month for an agreed period of time, after paying a deposit from £100. This does means that the loan is secured against the car and if you miss a payment, the car will be taken off you. However, once you have payed your final payment, the car is all yours. 

Finance is flexible, which is why it can be catered to most people, even if you have a poor credit score, or a low income. At HPL, we cater to every customers individual needs and strive to get customers the car of their dreams at a price suited to them. 

If you are worried that you won’t be able to get finance because of previous credit issues or CCJ’s, or you are concerned that you owe more on your current car than its market value, please don’t hesitate to get in touch.  If you are unsure of your credit score, we offer a free credit check. 

Another advantage for the majority of people paying for their car on finance is that when swapping your car, you can still keep the same payment, even if it is a more expensive car. 

This is done by simply extending the period of time you are paying that amount of money. Therefore the amount of money you pay each month is that same however, you are just paying for it for longer. This means customers can go from car to car more frequently, as you aren’t paying a substantial amount of money at once so it won’t break the bank. Instead you are consistently paying an agreed amount of money over a chosen period of time.

Credit: Pixabay.com

When speaking to Managing Director, Jonathan Herman, he said: 

“An obvious reason is that our finance is a lot more convenient. In addition to this, I have read a studies that found that after 11 months customers do not view their car as ‘new’, they see it as old. When customers start to view any items are ‘old’, they start looking for something more new. When purchasing something, especially a car (which is such a fundamental purchase), the pleasure of buying increases your dopamine levels, making you feel good. People are craving that feeling of buying something new and are therefore doing it more often. Now-a-days’ behaviour of buying is that we are constantly looking for the newest and best technology available. This has been found to be the most common reason to trigger customers purchasing decisions. This would support the trend of purchasing a new car every one to two years as opposed to every three to four years."

Credit: Shutterstock

At HPL, we work with a large selection of all major finance lenders. Our team of business managers will work tirelessly on your behalf to ensure that we review every option available to you to secure the best possible value and acceptance terms. Our finance is transparent, it is very easy to understand in terms of paperwork and the financial agreements. 

To find out more about finance at HPL click here https://www.hplmotors.co.uk/apply-for-finance 

Don’t hesitate to get in contact with us by calling us now at 0161 620 8773 or email us on sales@hplmotors.com

Get car finance in 60 seconds