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Are Used Car Prices Going Up or Down?

The past few years have shaken the economy in ways we’ve never seen before, and the used car market hasn’t escaped the tremors. Brits are paying more than ever for second-hand cars, with the latest data from Auto Trader revealing asking prices for used vehicles have risen consecutively for 29 months. Are used car prices going up or down? The answer is complicated.

Despite the market cooling down over the past few months, prices are 15% higher than this time last year. Currently, the average cost of a used car sits at just over £17,000. So, while prices for used cars are no longer climbing, they’re significantly higher than usual. Unsurprisingly, the price increase has put pressure on household budgets and pushed car ownership out of reach for many Brits.

So, when can you expect relief? Read on as we provide answers to the question, “are used car prices going up or down?”

Unpacking the used car price spike

Before we explore when used car prices might drop, let’s take a moment to unpack the price spike. This is important as it helps motorists understand why used car prices are so high and what’s driving the trend.

A ‘perfect storm’ of factors

Are used car prices going up or down? Over the past few years, the answer has been a resounding “up”. Market analysts blame a ‘perfect storm’ of factors for the unprecedented spike in used car prices. A global shortage of electronic components, in particular semiconductor chips, is a major contributor. During COVID lockdowns, many electronic factories were forced to shut down or significantly reduce production capacity. This wasn’t an issue at the time as the closures corresponded with shutdowns in the auto manufacturing sector.

The global semiconductor chip shortage

When production started up again, demand for electronic components surged. The average modern car contains thousands of semiconductor chips, which are used to power everything from fuel injection systems to driver-assist features and infotainment platforms. Factories have been unable to keep up with the immense demand, which has forced car manufacturers to curb production.

This has led to a global shortage in new cars. For example, Ford was recently forced to pause orders on best-selling models like the Focus and Fiesta in the face of semiconductor supply issues. In the United States, some automakers have taken a creative approach to the semiconductor chip shortage. Porsche has vetoed the microchip-powered adjustable seats usually featured in its luxury Macan SUV, while Peugeot has started to replace digital speedometers with traditional analogue dials in some models.

New buyers switching to used

In response to stock shortages, many motorists who would usually buy new are browsing the second-hand market. Naturally, the increase in demand has driven up prices. If you’re wondering “are used car prices going up or down”, this is one of the key drivers. While it’s good news for sellers, buyers are struggling to not only afford used cars, but track them down.

Public transport fears

A downtrend in public transport use has also increased demand for used cars. People who would usually ride the bus or train are now worried about the increased risk of infection from COVID and other viruses. While confidence in public transport isn’t as low as it was during the height of the pandemic, many Brits have made the switch to driving and don’t plan to go back.

The rising cost of living

If you’ve noticed your cash doesn’t stretch as far lately, you’re not alone. The cost of living is on the rise, with everything from groceries and petrol to energy bills and interest rates on the rise. Experts warn this trend will continue to fuel demand for second-hand cars. Why? In the face of rising living costs, buyers who would usually purchase new will discover a newfound appreciation for the savings associated with second-hand cars.

A gradual return to normalcy

So, are used car prices going up or down now? While they’ve been on the rise for more than two years, they’re finally starting to fall. So, what’s the magic number? Arno Antlitz, Chief Financial Officer at Volkswagen, predicts the semiconductor chip shortage could continue to plague the industry until 2024. When production returns to normal, the second-hand market will once again enjoy a steady supply of vehicles. This is ultimately what will push down prices and make second-hand vehicles more affordable in the UK and around the world.

Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA) agrees with the prediction that second-hand car prices will remain high for several years to come.

“Current new car volumes are restricting the number of part-exchange vehicles reaching the market that would normally help supply dealer forecourts, and at the same time some consumers needing a car quickly are turning to the used market to source a car.”

Relief is on the way

The good news? While instant relief isn’t on the horizon, analysts do expect used car prices to fall eventually. It’ll just be a gradual drop, as opposed to a dramatic downturn. As factories continue to ramp up production and manufacture new cars, the second-hand market will gradually return to pre-pandemic levels.

Are you thinking of buying a second-hand car? Now you know the answer to the question “are used car prices going up or down”, let’s talk about finance. With car finance, you don’t need to lower your expectations or feel priced out of the market. Instead, we match your application to trusted lenders who will spread out the cost of your car over several years. All you need is a good understanding of your responsibilities as a borrower.

Speaking of which, most lenders will check your credit score before approving your application. Wondering if you’re eligible? Check out our complete guide to Will I Get Accepted for Car Finance to find out more about how the process works.

We’re always here to help, so don’t hesitate to give us a call to chat about car finance options and get behind the wheel of a new car in a flash.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

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Can You Pre-Order a Car?

Black and white new cars outside factory

According to a recent report by cars.com, some 41% of surveyed shoppers plan to pre-order their next vehicle. With the rise in digital shopping habits, automakers are streamlining the process of pre-ordering cars, allowing customers to pre-order and purchase vehicles according to their preferences. In fact, Tesla has been enabling customers to pre-order their vehicles online for years, with wait times of over a year not uncommon.

There are benefits to pre-ordering a car, but there can also be some drawbacks, too, as this article will outline.

Why pre-order a car?

When you pre-order a car, you’ll be doing so via a dealer, and will be able to customise your choice of vehicle according to the make and model, as well as specifying any accessories or trim that you want.

This has the advantage of making you less likely to pay for features that you don’t want in your car, which might result in some serious savings for you. It also means that you’re getting exactly what you want in your new wheels.

Depending on the dealer, you’ll typically put down a deposit – this can either be a partial amount or in-full. Once your pre-ordered vehicle is ready, it will be delivered to the dealer – or even sometimes to a location of your choosing – for you to collect.

Similarly, thanks to endlessly improving technology, the process of pre-ordering a car can save you significant time and effort. You don’t have to shop around, and can streamline and refine your search. Manufacturer websites are designed to make the process as appealing and interactive as possible, helping you to visualise what you want and specify what you don’t.

What are the drawbacks?

Whilst it may sound like pre-ordering a car has serious appeal, there are potential drawbacks.

Many brands like Ford and BMW allow you to pre-order a vehicle, but not all of them do. You could then be waiting for an extended period of time – even years – for your new vehicle to appear. If you’re waiting to trade in your current car in the meantime, it may well depreciate in value as a result of this wait.

It’s always worth establishing whether any deposit that you may put down on a pre-ordered vehicle is refundable if you should change your mind. Similarly, whilst you may be able to secure dealer finance on a pre-ordered car, you won’t be able to take advantage of various alternative car finance deals, which can leave you vulnerable to limited interest rates and overall terms.

Hit the road with car finance

If you’re looking for a fresh set of wheels and don’t want to wait for the long turnarounds of pre-ordered cars, you can still take advantage of a suite of modern makes and models. Plus, you’ll be able to make the most of a car finance calculator to gauge what kind of finance agreement you can take out to pay for the car too.

My Car Credit can help with this – contact us on enquiries@mycarcredit.co.uk to find out how.

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Evolution Funding Ltd T/A My Car Credit

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

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Is Buying a Car Online Cheaper?

There’s no hard-and-fast answer to the question of whether it’s cheaper to buy a car online. Buying a vehicle online has its conveniences, but it does also have drawbacks, including limitations on your car finance eligibility.

What to think about when buying a car online

Consumers in almost every area are moving towards digital-first purchasing. Whether it’s your food shop, a new coat or even a car, there’s a lot to be said for the convenience of online purchases.

When it comes to buying a car, there are advantages to purchasing one online. Firstly, it saves you the time and effort of having to shop around different dealerships, and also reduces the pressure of haggling with a salesperson. Plus, if you know exactly what car you want and aren’t phased about test driving different models, then purchasing a car online can be expedient.

That said, there are potential drawbacks to buying a car online. Whilst purchasing a car on the internet ensures you won’t be pestered by any sales people, you’re less likely to be able to take advantage of discounts, and your potential to negotiate will be significantly reduced.

You’ll also be limited in terms of your car finance options. You’ll be able to fund the purchase of a vehicle online by way of a personal loan or a car loan, but other forms of car financing may not be available. Buying the car through a personal loan would also make you the car’s outright owner, which is a responsibility that you may not want.

Find out more about financing an online car

If you’re thinking about buying a car online but have questions about what kind of car finance this may afford you, contact our friendly car credit specialists today on enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Should I Buy a MINI Cooper?

With its boxy silhouette, signature “go-kart” handling and undeniable charm, the MINI Cooper is a British icon. The model is one of the best-selling cars of all time and has been driven by a slew of celebrities over the decades, from Kate Moss and Twiggy to George Harrison and Mr Bean.

There’s no denying the popularity of the model, which first hit roads in the 1960s and hasn’t looked back since. So, should I buy a MINI Cooper? Here’s a few reasons why we think the MINI Cooper is a solid choice.

Why we love the MINI Cooper

There’s plenty to love about the MINI Cooper, with some of our favourite perks listed below:

All about fun

If you’re the kind of driver that likes to have a good time behind the wheel, you’ll love the MINI Cooper. Fun is at the heart of the beloved British brand, and the MINI Cooper has a certain charisma that you just don’t see in other models. While some models offer drivers a certain kind of status, the MINI Cooper is more about community. It rejects long-established class barriers and instead appeals to drivers from all walks of life. This is why you’ll see everyone from rock stars and supermodels to everyday Brits behind the wheels of MINI Coopers.

“Soon enough, people began to recognize that the MINI was not merely a car. The unique combination of classic British style in a low-cost, small size, fun and nimble package came to symbolize independence and spontaneity. The very essence of the youthful 1960s culture,” reads the MINI website.

For a serious injection of fun, consider models like the MINI Convertible. This soft-top model is perfect for cruising around in the summer. Head to the seaside for bucket-and-spade fun or glide along country roads with the wind in your hair. When the weather cools down, simply put up the roof, crank up the heating and enjoy a cosy cockpit.

Eye-catching aesthetics

The compact design of the MINI Cooper was initially designed to meet the needs of post-war Britain. Today, the boxy silhouette is nothing short of iconic. This distinctive design means that when you zip around in a MINI Cooper, everybody knows about it. Unlike a regular sedan or hatchback, there’s nothing quite like the MINI Cooper on British roads.

Surprisingly spacious

Unlike other models that are just finding their feet, the MINI Cooper is more than 50 years in the making. This means the brand has had decades to refine the design. It may look compact on the outside but on the inside, you’ll be blown away by the space. In fact, many tall drivers maintain it’s one of the most comfortable cars to drive!

Parking is a breeze

When it comes to parking, the MINI Cooper is a pleasure to park. Whether you’re sliding into a tight parallel space in Central London or backing into a spot at your local Tesco, you’ll be amazed at how easy it is to park a MINI Cooper.

All-electric options

The EV revolution is here and MINI is onboard. Sales for the fully electric MINI Cooper SE almost doubled in 2021. This makes the fully-electric model one of the most popular in the MINI range.

“The excellent overall result and the fact that every tenth new MINI is fully electric show that our strategy for the future is setting the right priorities,” says Bernd Korber, Head of MINI. “The MINI community is growing, and it is moving towards electromobility with great strides.”

Fuel efficient

As mentioned earlier, the original MINI was designed to help Brits tighten their belts following the economic impact of WWII. The Suez Crisis triggered a spike in petrol prices, which put fuel efficiency front of mind when designing the MINI Cooper. The model continues to offer the same excellent mileage, with the latest MINI Cooper S 5-Door Hatch promising 45.6 mpg. Plain and simple, the compact design of the MINI Cooper means you’ll use less petrol and enjoy big savings at the forecourt.

Affordable

Back in the 1950s, renowned auto designer Alec Issigonis was commissioned to create a small car that met the budgets of most Brits. In the 1960s, British racing star John Cooper revamped the design. He supercharged power and performance, without pushing up the price.

Today, not much has changed. The MINI Cooper continues to boast a surprisingly affordable price tag, considering its grand legacy. Buy new and you can expect to pay around £22,500 for a three-door MINI and £23,200 for a five-door model.

Tips to get behind the wheel of a MINI Cooper faster

Despite affordable pricing, not too many Brits can afford to drop £20,000+ on a new MINI Cooper. But not to worry, there are still ways to get into the driver’s seat. Here’s how:

Consider a pre-owned MINI Cooper

The MINI Cooper has been around since the 1960s, which means there are plenty of second-hand options to choose from. Buying second-hand can be a fantastic way to secure the keys to a MINI Cooper, without the showroom price tag.

Pro tip: Use platforms like My Car Search to browse pre-owned MINI Coopers and get an idea for what’s available. We carefully vet all sellers for status with the Financial Conduct Authority (FCA), which means you can buy second-hand with absolute peace of mind.

Take advantage of car finance

Whether you’re shopping for a new MINI Cooper or a pre-loved model, car finance can help you get behind the wheel faster. Instead of coughing up all at once, car finance allows you to spread out your payments over several years.

Discover car finance for your own MINI Cooper

Wondering how much you can borrow? Use our car loan APR estimator to crunch your numbers and learn more about what to expect from your payment plan. This ‘soft search’ won’t leave a permanent mark on your credit score, making it the best way to calculate how much you can borrow.

Want to know more about car finance? Get in touch with a friendly team member today to chat about your options and accelerate your MINI Cooper dream.

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Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Top 10 Small Beginner Cars for New Drivers

From navigating traffic-choked streets to squeezing into small parking spots, driving poses a range of challenges for new motorists. This is where small beginner cars really step up. Compact and easy to handle, small cars are a great way to gain confidence behind the wheel. Not to mention save on petrol and reduce your environmental footprint.

There’s plenty to love about small beginner cars, which is why we’ve put together a list of our favourite models below. From budget-friendly options to luxury models, there’s something for everyone in our roundup.

1. Ford Fiesta

With compact styling, easy handling and loads of extras, it’s no surprise the Ford Fiesta is one of the best-selling small beginner cars in Britain. The model has been in production since the 1970s, which means you’ll find plenty of options on the second-hand market.

That said, it’s hard to look past the latest generation of Ford Fiestas. Features like an ultra-modern digital instrument cluster with interactive controls take your driving experience to the next level. Even better are the eco-friendly credentials offered by the Ford Fiesta. Advanced EcoBoost Hybrid PowerShift technology improves fuel economy, slashes CO2 emissions and makes the Ford Fiesta one of the best small beginner cars for eco-conscious drivers. Performance is particularly impressive in the stop/start traffic that often plagues major cities.

2. Volkswagen Polo

Small but mighty, the Volkswagen Polo is one of the top small beginner cars. It’s packed with intelligent technology to make your journey as smooth and stress-free as possible. A digitalised cockpit streamlines the dashboard and makes it easy to keep tabs on your speed, mileage and petrol usage.

Night driving can be intimidating for new drivers, which is what makes the revolutionary IQ.LIGHT Matrix LED headlight technology of the Volkswagen Polo so appealing. This innovative feature means you can drive with your full beams permanently switched on, without blinding other drivers.

3. Nissan Micra

The name says it all. The Nissan Micra boasts ultra-compact dimensions, yet still manages to offer a surprisingly spacious interior. Perfect if you’re looking for small beginner cars that are easy to drive, park and manoeuvre through traffic. The latest models are available with both manual and automatic transmission. Just take your pick.

4. Hyundai i10

Affordable and reliable, the Hyundai i10 is a firm favourite on our roundup of the best small beginner cars. This model is compact enough for city driving but comfortable enough to take on road trips and other adventures.

5. MINI

The MINI is a cult classic and remains one of the most coveted small beginner cars. From George Harrison and Kate Moss to Steve McQueen and Rowan Atkinson, the MINI has celebrity status, without the sky-high price tag of luxury models. As a beginner driver, you’ll love the responsive “go-kart handling” and zippy feel.

The latest all-electric MINI has rave reviews and is a great option for eco-minded new drivers. Or if you’re looking for something really fun, consider an open-top MINI Convertible.

6. SEAT Ibiza

The best-selling SEAT Ibiza has been one of the best small beginner cars since it launched in the 1980s. The Spanish manufacturer has done a fantastic job of updating the model over the decades and ensuring it continues to appeal to modern motorists. The latest models will impress you with its innovative design and features, including driver assist technology.

This small beginner car is classed as a supermini, which means it’s a fusion of a hatchback and a city vehicle. There’s enough space to comfortably accommodate two adults and luggage, or a furry friend if that’s how you roll.

7. Skoda Fabia

Comparable to the Ford Fiesta, the Skoda Fabia has well and truly earned its place in our small beginner cars hall of fame. An affordable price point and great fuel economy makes this model a solid choice for new motorists.

8. Nissan LEAF

When it comes to autonomous driving, Nissan offers some of the best tech in the business. The brand’s advanced ProPilot system treats you to features like lane-keeping assist, automatic emergency braking and adaptive cruise control. For new drivers, this type of technology is invaluable.

According to Nissan, the technology “significantly reduces driver stress when driving on highways in several kinds of traffic conditions, making long drives more comfortable and enjoyable.”

Take advantage of autonomous parking and your vehicle will literally park itself. This makes the LEAF one of the best small beginner cars for urban motorists.

9. Volkswagen Up

Forever a favourite, the Volkswagen Up wins over new drivers with next-gen features and fun trim options. The compact design doesn’t mean you have to compromise on storage space, with the roomy boot easily fitting everything from strollers to suitcases.

10. Audi A1 Sportback

From lane departure warnings to park assist, the Audi A1 Sportback offers incredible autonomous driving technologies. Like ProPilot from Nissan, these can be a huge help to new drivers. We especially love that the park assist helps you exit tight spaces, as well as slide into them. Genius. Consider car finance options and getting behind the wheel of a luxury vehicle like an Audi A1 Sportback is easier than you think.

Get behind the wheel of the best small beginner cars

Are you a new driver browsing small beginner cars? Whether you’re shopping in manufacturer showrooms or hunting for bargains in the second-hand market, we can help stretch your budget further with top-notch car finance options.

The first step is to calculate your car loan with our simple and easy-to-use calculator. This will give you a good idea of how much you can borrow and what your repayment schedule and amounts will look like. We match your application with loans from one of the largest lending panels in the UK. This not only maximises your chances of approval but ensures you secure the best deal on car finance, no matter what your credit score. Get in touch today to chat to a friendly team member and secure the keys to your dream small beginner car.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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What are the Most Popular British Cars?

When it comes to quality, the Brits know a thing or two about how to deliver. The automotive industry is no exception and we’re proud to help thousands of drivers a year get behind the wheels of British-made vehicles. So, what are the most popular British cars? Read on as we take a look at some of the top manufacturers and models on offer.

MINI

The iconic silhouette, signature “go-kart handling” and fun-loving spirit make the MINI one the most popular British cars. The company was founded in the 1960s and has become quite the national icon, despite now being owned by German auto giant BMW. This description from the MINI website sums up the essence of the brand, and its eternal popularity, perfectly.

“One of the most remarkable elements of the Classic MINI’s popularity was how its infectious spirit transcended traditional class barriers. From hipsters and mods to milkmen, rock stars and royalty to rally racers. Everyone could have efficiency, fun and freedom, motoring in a MINI.”

Hoping to go electric? You’re in luck. MINI has just launched an all-electric model that combines all the best-selling features of the classic MINI with the latest battery technology. The driving range is impressive, with a full charge offering around 145 miles. Expect plenty of torque – the MINI Electric will take you from 0 to 62mph in just over 7 seconds. Basically, you’ll enjoy all the fun with zero exhaust emissions.

With prices starting at just over £30,000, it’s no wonder the all-electric MINI is one of the most popular British cars. Want to zip around in a MINI Electric? Use our calculator to get a car finance quote and discover how far your budget can take you.

Rolls Royce

In terms of luxury, it’s hard to look past Rolls Royce. Every one of these popular British cars is hand built at the Rolls Royce headquarters in Goodwood, West Sussex. And we’re not just talking about any old auto manufacturing plant. The Rolls Royce HQ was designed by renowned British architect Sir Nicholas Grimshaw and is set in the heart of South Downs National Park.

The award-winning building was designed to complement the picturesque West Sussex countryside while minimising the brand’s environmental footprint. Grimshaw has done an incredible job and it’s really no surprise, seeing as his previous accomplishments include the Eden Project in Cornwall. There’s also a sentimental side to the location – company founder Sir Henry Royce once lived less than 10 miles from the site, in a chocolate-box village called West Wittering.

Natural light floods into the Assembly Hall through floor-to-ceiling windows. This part of the building is known as “The Glass Mile” and gives prospective buyers front row seats to the action. Overhead is a “living roof” with an enormous eight-acre footprint. It’s one of the largest in the UK and not only looks beautiful but helps to insulate the building and keep energy costs down as these popular British cars are made. More than 60% of all waste from the production plant is recycled, while all green waste is composted.

Here’s a fun fact. All the wood used in the interior of an individual Rolls Royce is sourced from a single tree. This helps maintain consistency throughout the cabin and avoid obvious differences in colour, texture and grain. We’re not all that surprised, seeing as Sir Henry Royce’s motto is famously “strive for perfection in everything you do”. Of course, all wood used for these popular British cars is sustainably sourced.

Land Rover

A favourite vehicle of Queen Elizabeth II, Land Rovers deserve a special place on our countdown of the most popular British cars. Over the course of her life, the beloved monarch owned dozens of the vehicles and was often pictured driving them around her various estates.

While Land Rover has shifted some manufacturing to other countries over the past decade, the majority of production remains in the UK. Currently, the brand operates factories in Solihull near Birmingham and Halewood near Liverpool. Both plants support the British economy and help keep the Land Rover legacy alive in the UK.

Toyota

Toyota operates factories in countries around the world, including Britain. The main factory is located in Burnaston, a small village in South Derbyshire. Toyota also assembles engines in its Deeside factory in North Wales. The company has had a manufacturing presence in the UK since 1989, with the first model rolling off the Burnaston production line in 1992. Today, the factories are proud to manufacture the next-generation Corolla hybrid, which is sure to emerge as one of the most popular British cars of the decade.

Sporty and powerful, this hatchback gives you the option of using battery-generated power, petrol or a combination of the two. As well as saving money at the forecourt, you’ll also be slashing your environmental footprint.

Nissan

Nissan may be a Japanese-owned company, but it manufactures several popular British cars in local factories. The auto giant recently injected £1 billion into its Sunderland car plant and created hundreds of British jobs. So, what popular British cars roll out of the Sunderland factory? Models like the Qashqai and Juke are manufactured at the British plant. The hugely popular all-electric Nissan Leaf is also assembled in Sunderland.

Production is booming, so much so that Nissan recently overtook Jaguar Land Rover as the largest carmaker in the UK. Kwasi Kwarteng has confirmed the company has no plans to slow down manufacturing in the UK. In fact, they’ll be doing the opposite. “Not only are Nissan staying put, they are doubling down,” says Kwarteng.

As well as manufacturing existing popular British cars, Nissan plans to develop a state-of-the-art electric vehicle manufacturing hub in Northern England. “This is a real vote of confidence in Sunderland from our parent company in Japan and will really reaffirm Sunderland’s reputation as a world-class manufacturer,” says vice-president of Nissan motor manufacturing UK, Alan Johnson.

Buy British with car finance

Whether you’re in the market for a cult favourite like a MINI Cooper, a luxury model like a Land Rover Defender or a family-friendly ride from Nissan or Toyota, you’ll find popular British cars right here on your doorstep. When you buy British, you can enjoy the peace of mind you’re investing in quality craftsmanship, as well as supporting the local economy and keeping jobs onshore.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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The Best of Both Worlds: Top 10 Fast Family Cars

Starting a family doesn’t have to mean switching down a gear when it comes to your car. On the contrary, you’ll be amazed at how many auto manufacturers offer family-friendly cars with track-inspired features. Read on as we spotlight the top 10 family cars that are fast, with options for every budget. And yes, you can absolutely strap a kid’s car seat into the back of a Porsche!

1. Volkswagen Golf R

The Volkswagen Golf R may be small, but it packs a punch underneath the compact body. Under the hood is a monstrous TSI engine that will take you from 0 to 62 mph in under five seconds. Wherever you need to be, the Volkswagen Golf R will get you there fast.

You won’t want to hit the top speed of 155 mph with the kids in the back seat, but you can definitely put this model through its paces on an adults-only drive. The 4MOTION all-wheel drive system offers lots of traction and control, while an impressive 977 litres of cargo capacity (including the boot and rear seats) offers plenty of room for all your luggage.

2. Porsche Taycan

If budget isn’t a barrier, it’s hard to look past the Porsche Taycan as one of the best family cars that are fast. We love the 4 Cross Turismo model, which combines sporty styling with a spacious interior and an extra-large boot. The powerful engine propels the car from 0 to 62 mph in a little over five seconds, so you’ll want to make sure your shopping is secure before you set off.

3. Mercedes AMG E-Class Saloon

If you’re looking for speed, the Mercedes AMG E-Class Saloon will knock your socks off with acceleration of 0 to 62 mph in just 3.4 seconds. It’s all thanks to a huge 612 horsepower engine designed to unleash serious power. Don’t worry, there are plenty of practical features packed into this beast.

The MBUX infotainment system makes getting from A to B a cinch. Perfect for if your Saturday morning involves trips to various different sports fields! Whether your kids insist on The Wiggles or Little Mix, the Burmester® surround sound system will make them sound incredible.

4. Audi RS6 Avant

The high-performance Audi RS6 Avant has well and truly earned its place on our countdown of the best family cars that are fast. From music lessons to football games, the 4.0-litre V8 twin-turbo TFSI engine will get you there in double time. To be more specific, you can hit 0 to 62mph in 3.6 seconds. Fold down the rear seats and you can unlock a huge 1680 litres of luggage capacity.

5. Mercedes-AMG A35 4MATIC

This sleek model combines design, performance and, you guessed it, family-friendly features. With a 421 horsepower engine and a top speed of 168 mph, it’s basically a supercar you can do the school run in. One thing’s for sure, it’ll definitely get heads turning as you pull up at the gate.

6. BMW M5 Competition

When it comes to performance saloons, it’s hard to look past the BMW M5 Competition. The outrageous BMW M TwinPower Turbo 8-cylinder petrol engine packs in a huge 625 horsepower and 750 Nm of torque. As well as being a great family car, it can get you from 0 to 62mh in a mere 3.3 seconds.

7. Audi e-tron GT Quattro

Powered by the same electric motor and battery as similar Porsche models, the Audi e-tron GT is more track-inspired than you might think. You’ll get from 0 to 62mph in just over four seconds. The spacious interior is perfect for growing families, making this one of the best family cars that are fast.

8. Citroën ë-SpaceTourer Electric

On the hunt for an electric MPV that ticks all the boxes? With space for nine people, the Citroën ë-SpaceTourer Electric offers enough space for your whole family, plus furry friends and extra luggage. It’s packed with safety features, making it a top choice for eco-conscious families.

Now let’s talk about speed. It doesn’t exactly offer the same lightning-fast acceleration times as other models in this roundup of family cars that are fast. But it is more than capable of maintaining speeds of 80mph. When you consider the size of this model, that’s a pretty impressive feat. Even better, you’ll enjoy a benchmark range of 136 miles. This makes it great for longer trips with the family.

9. BMW Alpina D3 S

If you love the idea of a family-friendly diesel car that doesn’t compromise on speed, you’ll adore the BMW Alpina D3 S. The Touring version is perfect for fast-paced families, with loads of storage space and a top speed of 168 mph. Put your foot down and you can take this model from 0 to 62mph in just 4.8 seconds. In just over 18 seconds you can hit 124mph – though, of course, not with little ones in the back seats!

10. Range Rover Sport SVR

Marketed as one of the fastest Range Rovers of all time, this model delivers big power from its 5.0 litre V8 engine. The muscular design immediately captures attention, with superior handling making it great for city driving and longer trips.

And let’s not forget performance. The supercharged engine brings a huge 575 horsepower to the table. Pair this with a top speed of 176mph and acceleration of 0 to 60mph in 4.3 seconds and the Range Rover Sport SVR is essentially a race car disguised as an SUV.

These family cars that are fast prove that family life doesn’t mean you have to slow down the pace. Ready to upgrade your tired estate car and get behind the wheel of something a little more exciting? Use our car finance loan repayment calculator to crunch the numbers and see how far your budget can take you. Whether you’re shopping for a second-hand MPV or a shiny new Range Rover straight from the showroom, we can help you pile your family into your dream car.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Should I Buy an Audi?

When it comes to prestige, it’s hard to compete with Audi. The German automotive manufacturer is synonymous with luxury and has been producing high-end vehicles since 1909. For most people, the answer to “should I buy an Audi” is a resounding “yes”. Of course, there are several factors to consider when shopping for a new car, including important things like budget, lifestyle and personal preferences.

So, if you’re asking, “should I buy an Audi”, read on as we explore some of the reasons why we love Audi, as well as some tips to help you get behind the wheel of a luxury vehicle faster.

“Should I buy an Audi?” – Key benefits to consider

Sleek silhouettes

From the athletic lines of the A7 Sportback to the streamlined curves of the A5 Cabriolet and the elegant exterior of the S5 Coupé, Audi has mastered the art of sleek silhouettes. If you’re looking for a car that delivers on sex appeal, you can’t go wrong with Audi. Even practical and family-friendly models, like the S6 Avant, elevate the classic estate silhouette to the next level with sporty lines, slanted rear windows and a slick front spoiler.

More than a century of expertise

Audi has been manufacturing luxury vehicles since 1909. This means when you get into the driver’s seat of an Audi, you’re taking advantage of more than a century of expertise. If you’re wondering “should I buy an Audi”, 100+ years of experience should help justify your decision.

Unparalleled luxury

Yes, there’s no denying the appeal of bestsellers like the Vauxhall Corsa, Nissan Qashqai and Kia Sportage. But for a next-level driving experience, Audi leaves these models in the dust. Whatever model takes your fancy, you can be sure it’s packed with luxury features.

“So, should I buy an Audi like the A3 Sportback?” As well as incredible performance capabilities and best-in-class safety features, Audi treats drivers to luxe interiors and state-of-the-art technology. Take the best-selling Audi A3 Sportback, for example. Depending on which trim level you choose, expect to see opulent features like a stitched dashboard, leatherette armrests, built-in LED vanity mirrors, birch wood inlays and an immersive Bang & Olufsen Sound System. Advanced driver assistance technology and GPS navigation systems make getting from A to B an absolute pleasure.

Exclusivity

Set to hit the market in September, the updated Audi RS4 Competition sets a new standard for luxury. “Should I buy an Audi with limited edition status?” Well, the RS4 is packed with performance-enhancing features, including a sports exhaust, 20-inch alloy wheels, coilover suspension and a sleek carbon matte finish on the mirror casings, air intakes and front and rear splitters. Under the hood, updated transmission software boosts power and allows the 2.9-litre V6 petrol engine to accelerate from 0-62 mph in just 3.9 seconds.

In a recent announcement, Audi confirmed that just 75 of the exclusive new Audi RS4 Competitions will be available in the UK. Keeping production numbers low allows Audi to maintain its aura of exclusivity. The models will be priced at just over £84,000, putting them well into the ‘luxury’ price range. Audi UK director Andrew Doyle says the model is “track focused” and designed to offer drivers a race-inspired experience.

“As the successor to the seminal RS 2 Avant, which rewrote the rule book for the traditional estate car, the RS 4 has been a milestone model in our range for well over two decades,” says Doyle. “With every evolutionary step over the years, it has cemented our eminent position in the segment even more firmly, and this new Competition version with its elevated performance and exclusivity definitely continues that trend.”

All-electric options

Electric cars are the transport of the future and Audi has raised the bar when it comes to EV technology. The manufacturer is on-track to be 100% CO₂ neutral by 2050 and currently offers an impressive range of fully electric and plug-in hybrid models.

“Should I buy an Audi EV?” If you’re looking for a fully electric car, you’ll love the e-tron range, powered by battery-run motors. With a range of 200 – 320⁴ for the Sportback and 195 – 314⁴ miles for the SUV, the Audi Q4 e-tron delivers on performance and eco credentials. If you want options, Audi’s plug-in hybrid vehicles combine a traditional combustion engine with an electric motor. There are some great grants and incentives currently available in the UK, which makes getting behind the wheel of an electric Audi more attainable than ever.

How to get behind the wheel of an Audi faster

Audis are unapologetically luxurious and come with a price tag to match. Understandably, not all motorists can afford to purchase a new Audi outright. But that doesn’t mean it’s not possible to secure the keys to a luxury Sportback or e-tron. Below, we cover some expert tips to help you get behind the wheel of an Audi, without breaking the bank.

Consider a pre-owned Audi

There’s plenty to love about owning an Audi. But one thing’s for sure, these luxury vehicles come at a cost. If you love the idea of driving an Audi but don’t have the budget to splurge on a new vehicle, buying second-hand can be a great option.

Are you asking yourself, “should I buy an Audi second hand?” Well, with a good amount of research and access to platforms like My Car Search, it’s easy to track down a pre-owned Audi in showroom-worthy condition. All dealers are carefully vetted for status with the Financial Conduct Authority (FCA). This means you can buy a pre-owned Audi with total peace of mind.

Take advantage of car finance

Whether you’re buying new or used, car finance is a fantastic way to absorb the cost of an Audi. Instead of purchasing the vehicle outright, car finance allows you to spread payments over several years. This mitigates the financial stress of purchasing a new car outright.

Find affordable car financing through My Car Credit

Thinking of buying an Audi? Use our car loan approval calculator to crunch the numbers and see how far your budget can take you.

Alternatively, if you have any further questions about our services, get in touch with our friendly team today.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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What are the Best Cars for Young Professionals?

While a second-hand Fiat Panda or a banged-up Hyundai i10 may have served you well during your student days, eventually you’ll be in a position to upgrade. If you’re no longer struggling to stretch your student loan as far as possible, you’ll love our countdown of the best cars for young professionals. Featuring vehicles for every budget, our list is cherry-picked to meet the needs of working Brits aged between 20 and 40.

BMW 1 Series

Launched in 2004, the BMW 1 Series is a luxury small hatchback with sporty lines and high-end features. If you’ve always dreamed of owning a “beamer”, this is a fantastic entry-level model. The latest 2019 edition will delight you with a modern silhouette, sporty suspension and sumptuous interior that feels worlds away from your university days. Under the hood is a powerful engine that will literally leave your dinky student car in the dust. With style and speed on the table, this is one of the best cars for young professionals.

The model is now in its third generation, meaning it’s relatively easy to purchase a BMW 1 Series second-hand. This can be a great option for young professionals who want to get behind the wheel of a BMW without absorbing the showroom price tag. If you’ve just been allocated a dedicated parking space at the office, the BMW 1 Series will do it justice.

Audi A1 Sportback

Connectivity takes centre stage in the Audi A1 Sportback. If you’re the kind of young professional who loves to get their hands on the latest smartphone the day it drops, you’ll love this slick little hatchback. From the outside it looks deceptively small, with track-inspired lines and a low-sitting grille. Inside, you’ll be amazed by the generous dimensions and feeling of spaciousness.

The next-generation infotainment system is a highlight, with features like an 8.8-inch digital touch screen and high-res digital instrument cluster designed to make you feel in sync with your car. The latest voice control software makes it easy to call the shots in the driver’s seat. Speaking of which, agile handling makes the Audi A1 Sportback one of the best cars for young professionals. If you tend to run into traffic on the daily commute, responsive steering makes it easy to switch lanes, overtake and manoeuvre into tight parking spots.

Volkswagen Golf

The Volkswagen Golf is a beloved classic and one of the best cars for young professionals by a long shot. First launched in the 1970s, the model is now in its 7th generation and going strong. It may not be the snazziest car on our list but if you value reliability, it’s a great pick.

The Golf’s compact size makes it a winner in urban settings. It’s great for darting through traffic and squeezing into parallel parking spaces, with enough power to make motorway driving a pleasure.

Jaguar XJ

When it comes to iconic British-made vehicles, it’s hard to look past the Jaguar XJ. Favoured by royals, celebrities and politicians, this flagship model was first launched in 1968 and turned heads with its elegant silhouette, spacious interior and luxe extras like wood trim and leather seats.

The model was completely reimagined in 2010. So, if you’re looking for a second-hand Jaguar XJ, we’d recommend looking for vehicles produced in 2010 or later. Expect to pay around £15,000 or less for a Jaguar XJ manufactured in the early 2010s. The next generation was launched in 2015, meaning you can expect more advanced features and a higher price.

Tesla Model S

Young Brits are passionate about tackling climate change and minimising their environmental footprints. This wins the all-electric Tesla Model S a place on our countdown of the best cars for young professionals. Luxurious and eco-friendly, this model can take you more than 240 miles on a single charge. If you travel a lot for work, the Tesla Model S brings down your carbon footprint. With zero engine noise to speak of, your daily commute will feel like a dream.

Porsche 718 Boxter

Nothing spells “success” like a Porsche convertible. There’s plenty to love about the 718 Boxter, including a top speed of 170mph and acceleration of 0-62mph in 5.1 seconds. Strapped into the driver’s seat, you’ll feel like you’re flying to the office.

Don’t work too hard though. The Porsche 718 Boxter is made for fun. On the weekends, you’ll love folding down the fully automatic fabric hood, stashing your bags in the spacious luggage compartments and hitting the road. If you’re looking for the best cars for young professionals for work and play, the Porsche 718 Boxter is a discerning choice. Browse the pre-owned market and you can score some incredible deals on models from Porsche and other luxury manufacturers.

Get behind the wheel of the best cars for young professionals

Seen something you like on our countdown of the best cars for young professionals? We don’t blame you. With models like the BMW 1 Series, Tesla Model S and Porsche 718 Boxter, this list is drool-worthy to say the least. Best of all, most models fall well within reach of young professional salaries, especially if you’re willing to consider second-hand vehicles.

Of course, your budget will depend on the size of your income stream and other factors, including your down deposit, loan amount and preferred repayment terms and credit score. All these factors will help determine what calibre of car loan and Annual Percentage Rate (APR) you’re eligible for.

We at My Car Credit make how to work out APR on a car loan easy with a purpose-built calculator. Simply punch in your numbers and let the algorithm do the rest. When you have a better idea of your budget, you can supercharge your career and start shopping for your dream car.

Get in touch today to start your journey towards a new vehicle, or take a look at our other blogs for more information on what vehicles are best tailored to your needs.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Can I Finance an Automatic Car?

There are a number of benefits to automatic cars. From fuel efficiency and ease of use through to being more comfortable to drive during stop-start journeys in urban centres, there’s a reason why people opt for automatic vehicles. But can you secure car finance on an automatic car?

Can you finance an automatic car?

Yes, you absolutely can finance automatic cars. Your finance broker will be able to work with you to find a car finance deal that suits your circumstances, as well as covering the kind of car that you’re looking for, whether that’s a manual or automatic model. In fact, My Car Credit can even help you find car finance with poor credit, working with all kinds of drivers from a range of different backgrounds and with differing requirements.

This is obviously great news if you passed your test in a car with an automatic gearbox, as you’ll only be licensed to drive vehicles with automatic transmissions. However, many drivers simply prefer automatic cars even if they can drive manually.

Automatics can be more fuel efficient depending on your driving style. As well as better fuel economy, they eliminate the need to change gear, providing a smooth driving experience even in high traffic with no need to keep your foot over the clutch pedal. Not to mention making hill starts a breeze.

However, it’s worth noting that automatic cars may be more expensive to finance than manual options.

Why can automatic cars be more expensive to finance?

You’ll likely find that purchasing a manual, as well as insuring it, will tend to be cheaper than purchasing or insuring an automatic.

This is because automatic gearboxes such as continuously variable transmission (CVT) are more complex than manual ones. It requires more sophisticated technology, as the gearbox essentially chooses what gear you’re driving in. You’re just choosing between drive, park and reverse.

As such, automatic gearboxes tend to require more kit – meaning that they’re more expensive to produce, and more expensive to fix too. It also means that automatic vehicles have higher insurance premiums and are more expensive to buy in the first instance.

You’ll likely find that your finance agreement is therefore more expensive too, in order to reflect these costs. This may change over time as automatics become the norm. That’s because electric vehicles don’t need to change gear at all, so there’s no need for a gearbox.

As petrol, diesel and full hybrid cars are phased out, new and used automatic cars will become the norm, which could increase supply in line with demand to reduce costs.

Finance – automatic car options

Despite the higher cost, it’s well worth investigating your finance options if you’re set on cars with automatic gearboxes.

There are three main vehicle finance options, other than paying upfront with cash or via a personal loan. These are personal contract purchase (PCP), hire purchase (HP), and personal contract hire (PCH). All of these different kinds of car financing have advantages, depending on your needs as a driver.

Hire purchase

Hire purchase (HP) is arguably the simplest type of car finance for new and used automatic cars – as well as manual vehicles. The cost of your next car is broken down into monthly payments, plus interest. You then make these payments over the course of the repayment term, which can typically range from 3 to 5 years, until the cost has been paid for in full.

It’s very similar to a conditional sale, except that hire purchase has a small fee when you finish your agreement and purchase the car (rather than upgrading to a different vehicle, for example).

Personal contract purchase

Personal contract purchase (PCP) is another popular option for automatic cars. It’s similar to HP, but with a larger final payment. This is known as a balloon payment, which can be made if you want to buy the car outright.

Alternatively, you can opt out of the final payment and give the car back. In many cases, the money you pay will cover the car’s depreciation over the repayment term, with the balloon payment covering all of the interest (depending on representative APR) or a large portion of it.

Personal contract hire

Also known as leasing, PCH means you pay to use a vehicle for the length of your term. It takes the commitment out of your car search, as you know you’ll be able to switch to a new ride at the end of your deal – whether that’s automatic or manual.

Which is best for you?

Owning outright

One of the main factors when financing your next set of wheels is whether you want to own outright. If you definitely don’t, PCH is the best option, allowing you to continuously switch to your next car and drive newer models. If you definitely do, HP is for you. Alternatively, PCP offers more flexibility with the decision made at the end of your term.

Mileage

Mileage limits are another consideration. These are most common for PCP and PCH agreements to avoid excessive depreciation of the car’s value if you’re handing it back. You’ll need to pay if you exceed mileage limits, with charges per mile agreed as part of your deal.

If you don’t want to worry about mileage, HP may be the most suitable option. However, you’ll still need to check your agreement to make sure you don’t need to pay anything extra.

Availability

However, you may find that your finance provider will only finance an automatic car via one kind of finance deal. Whether or not that deal works for you will depend on your unique circumstances. That’s why it’s worth using a finance broker like My Car Credit, as you’ll be able to get the most competitive deal from our panel of lenders, rather than being restricted to just one.

Secure automatic car finance with My Car Credit

Compared to a manual car, one with an automatic gearbox can provide better fuel economy and an easier drive. With many new cars being automatic, there’s a better range than ever to choose from.

If you’re looking for finance on an automatic vehicle, find out how My Car Credit can help. Whether you want to discuss your finance options or your eligibility for finance, we’re on hand to support you through every step.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Is the Vauxhall Corsa a Good Car?

Is Rear-Wheel Drive Better Than Front-Wheel Drive?

What are the Best Cars for Students in 2023?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Unpacking the used car price spike

A ‘perfect storm’ of factors

The global semiconductor chip shortage

New buyers switching to used

Public transport fears

The rising cost of living

A gradual return to normalcy

Relief is on the way

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There’s no hard-and-fast answer to the question of whether it’s cheaper to buy a car online. Buying a vehicle online has its conveniences, but it does also have drawbacks, including limitations on your car finance eligibility.

What to think about when buying a car online

Find out more about financing an online car

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With its boxy silhouette, signature “go-kart” handling and undeniable charm, the MINI Cooper is a British icon. The model is one of the best-selling cars of all time and has been driven by a slew of celebrities over the decades, from Kate Moss and Twiggy to George Harrison and Mr Bean.

Why we love the MINI Cooper

All about fun

Eye-catching aesthetics

Surprisingly spacious

Parking is a breeze

All-electric options

Fuel efficient

Affordable

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2. Volkswagen Polo

3. Nissan Micra

4. Hyundai i10

5. MINI

6. SEAT Ibiza

7. Skoda Fabia

8. Nissan LEAF

9. Volkswagen Up

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