The current financial pressures are causing many of us to examine more closely what we spend, and to reconsider our attitudes around even the very staples of day-to-day life – such as the car.
We are in the midst of a cost-of-living crisis. Inflation has risen, interest rates are up and what we put in our shopping carts is a lot more expensive now than twelve months ago. Energy and fuel are costing a lot more, with no sign of this getting any better.
The combination of all these pressures is causing many of us to think carefully about car ownership. How we actually use it these days; whether it is still a necessity or if it has become an expensive luxury.
Many people are swapping to an electric car. But this decision is not without its worries for drivers. Are there enough charging points, and how consistent are the refill costs? Does an electric car have enough range for long journeys? Is it the right option for where I live – in a city, probably yes; in the countryside, possibly not?
All this has led to a fast-changing landscape that motor financers must adapt to. Top among the issues on their minds are:
- how to improve duty of care
- ways to manage residual risk
- being open to flexible finance models.
Our thought leadership paper discusses these challenges and highlights how motor financers can adapt and reap the rewards. Explore our retail banking solutions.