Just over 12 months ago, Britain went to the polls and voted to leave the European Union after almost 50 years of being a part of it. The referendum result, colloquially known as Brexit, has since caused a period of instability across many different areas of British life. One of them is consumer confidence. With fears that triggering Article 50, the decision that allows us to formally begin leaving the European Union, will cause short-term economic hardship, even send us into a second recession, consumers have been spending far less since the Brexit vote.
New car sales, in particular, have fallen dramatically because of the lack of consumer confidence. Drivers simply do not want to risk spending thousands of pounds when they do not know what will happen with the economy from one week to the next. It is dangerous to spend a lot of money on a car when belts might have to be tightened in the near future and jobs may be at risk. Because of this, sales for new cars are down for the fourth month running with only 160,000 new cars sold in July 2017. This is over 9% less than the amount of cars sold in June. The Society Of Motor Manufacturers And Traders (SMMT) released the figures and warned: “The government must act quickly to provide concrete plans in regards to Brexit”.
Cars, however, are essential to modern life. There are very few families in the United Kingdom who don’t have their own car, or at least have access to one when they require it. Cars allow us to visit family members, get to work, manage projects and make plans for weekend activities, Britain will always need cars. Therefore, the sale of new cars may be plummeting in the aftermath of Brexit, but buying a used vehicle via online car finance is becoming increasingly popular.
So why is online car finance a better choice for drivers in the Brexit era? The main reason is this: consumers do not have to worry about making a costly bulk transaction when they purchase through a car on finance. Instead, drivers simply agree to a small weekly or monthly repayment plan. This makes car finance a far less risky alternative. You do not have to worry about being saddled with debt after buying a car on finance. Nor do you have to worry about making back the money before, for example, bills need to be paid or rent is due. You can manage your money in a better, easier and safer way by choosing online car finance.