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New cars for everyone!

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    New cars for everyone!

    British drivers borrow £32bn to buy two million new cars | Daily Mail Online

    Households borrowed more than £30billion to buy cars over the last year, fuelling fears of another reckless debt binge.

    Industry figures released yesterday showed £31.9 billion of consumer car finance was issued in the year to January – an 11 per cent increase on the previous year.

    More than 6,300 new and secondhand cars were snapped up on credit every day - or 2.3million across the year.

    In January alone consumers borrowed £2.3billion to buy cars, a year-on-year increase of 12 per cent.

    Businesses took out a further £9.3 billion worth of finance to buy company cars, a rise of four per cent.
    Boom!

    #2
    When sas is talking about a new merc, the bubble must be about to pop.

    Comment


      #3
      We've never had it so good.

      Britain's borrowing binge continues as credit card debt hits record high

      Buy now, before the import tariffs and currency falls bite.

      Comment


        #4
        Freaky nora, talk about sticking your head in the sand.

        I'm reeling at handing over a five figured sum to the tax office here for the first quarter of 2017, I've not even finished the first quarter!

        Me attitude to debt has changed a lot in the past years.
        "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

        Comment


          #5
          80% new cars in UK are effectively rented out for 3 years, that lending is covered by collateral - car

          Comment


            #6
            Originally posted by AtW View Post
            80% new cars in UK are effectively rented out for 3 years, that lending is covered by collateral - car
            Genius isn't it.

            Means the money that would have been spend on buying a car can be spent on property instead. Double the boom.

            Comment


              #7
              MyCo is a car loan brokerage.

              Comment


                #8
                The 2nd sub prime disaster is about to burst, this time due to PCP car purchases...https://www.theguardian.com/money/20...inancial-crash

                Subprime Finance | Selecta Cars
                Brexit is having a wee in the middle of the room at a house party because nobody is talking to you, and then complaining about the smell.

                Comment


                  #9
                  Originally posted by darmstadt View Post
                  The 2nd sub prime disaster is about to burst, this time due to PCP car purchases...https://www.theguardian.com/money/20...inancial-crash

                  Subprime Finance | Selecta Cars
                  Complete bulltulip.

                  Comment


                    #10
                    Under these cheap leasing deals, buyers pay a small deposit and then commit to making a monthly payment for the next three years with the option to buy or hand back the car at the end.
                    They seem to think buying a car with inexpensive finance through a regulated open market of finance providers is a bad thing for the consumer.

                    Comment

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