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44% of Irish Car Buyers Sceptical of PCP Finance

Car 2 min read

08 Jan 2020

A new report issued by Carzone.ie this week highlighted scepticism around PCP loans and the growing interest for Irish car buyers buyers in purchasing electric vehicles. We've plucked five interesting trends from this year's report and included them below. 

1. Almost half of Irish car buyers sceptical of PCP Finance  

 44% of motorists say they are sceptical about the lump sum required at the end of a PCP agreement and 40% don’t like the idea of not owning the car outright when buying via PCP and hire purchase. This is no surprise given that PCP is in effect an inflexible leasing scheme, in which you must pay a large sum at the end of the agreement in order to own the car.

Read our blog here about PCP loans vs car loans. 

2. One third consider borrowing from the Credit union

A third of respondents said they would consider borrowing from the Credit Union. (It’s because we really are a great place to borrow).  Read here about why credit union’s are actually the best place to get a loan. Other forms of finance considered by repsondants in the survey are bank loans, hire purchase and PCP agreements.

3. 90% research car finance online

 A whopping 90% said they research different forms of car finance online. You can read information on credit union car loans here or enquire online with your local credit union, to see what car loan rates they have to offer.
In this blog, we’ve outlined a list of lowest credit union car loans from around the country, so why not have a look?

4. Buyers keen to go green – but 36% unaware of government goal  electric-cars-charging3.jpg

The survey also found that buyers are keen to go green in 2020, with 70% of motorists wanting to buy an electric or hybrid car in the future. But, 36% of people were unaware of the government’s goal to reach 100% of all new cars and vans being electric by 2030, and only 16%  think that it is achievable.

We’ve broken down the financial benefits of electric cars and exactly how much you can save. Read here.

5. Almost 60% to consider buying car from UK UK-Car-Imports-3-(1).jpg

Almost 60% said they would consider buying a car from the UK, because of perceived better value (82%).

63% say that buying a car in the UK is too much hassle. Other doubts include that it would be high risk (35%) and worries about VRT (35%).

If you've been dissuaded from a PCP offer and are looking for a better form of flexible, low-cost finance – we’re always on hand to chat and answer any queries that you may have.

Or maybe you’re just in the market for a new or second car and need advice  - pop us an email and we’d be more than happy to chat.

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