Prediction: The Future Car Finance Market - April 2020

April 23, 2020

Where are we heading?

The vehicle finance market in both the purchase and lease sides will likely have changed forever during the lock-down. He are some thoughts on how these changes are likely to manifest and how a fleet owner may need to respond to some of these changes. This prediction was recorded on 23 Apr 2020 and so might provide a useful point in history. It seems to be holding correct.

(Sorry about the poor lighting in the video.)

During April and because of the lock-down and worldwide pandemic new car sales have predictably reduced 97 per cent in April. Dealerships shut closed and furloughed their staff and marketing teams dissipated.

If any manufacturer was a winner it was Tesla with their Model 3s. 4000 vehicles only found homes in the UK in April and Tesla 3 were the majority partly because their order process and production meant their orderbank delivered just before lock-down started. It also maintained a little process and the market seems positive to them as the mindset of the consumer may have shifted further towards green vehicles – Predictions of sales with SMMT are at 1.68m new car sales. That is the lowest since 1992.

Introduction credits by Jason Goodlad of Hawkeye Vision

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