PRESS RELEASE: from Cartell.ie and CompleteCar.ie

DECREASE IN LEVELS OF VEHICLE FINANCE

Car Finance Levels Bottom Out

Used Car History Check expert Cartell.ie reports today (23, May 2012) that less vehicles are being offered for sale with finance outstanding than at any time in the past six years.

Based on extensive data checks carried out by Cartell.ie, the proportion of vehicles offered for sale with finance outstanding remains stagnant at 11%. That figure has remained consistent for the last nine months, leading the company to believe that finance levels have tapered off at just above the 10% mark. Historically, the highest level recorded by the company is 16%.

The reasons for the drop in levels are attributed to a combination of factors:

(i) decreasing availability of finance in the market place

(ii) the increasing average age of Irish vehicles (now 7.4 years), meaning finance is less of a factor in sales as older vehicles change hands

Statistics published by Cartell.ie indicate that, while overall levels of finance have dropped across the board, buyers still have a one-in-six chance of purchasing a three-year-old vehicle with finance outstanding. From a sample of over 5,906 vehicles offered for sale and checked via the Cartell.ie website in 2011, the figures show that 17% registered in 2009 are still on finance – and up to one-in-five of 2008 registered vehicles.

However, vehicles as old as nine years (registered in 2003) are still regularly offered for sale on the market with finance outstanding. Buyers are encouraged to check their vehicle for outstanding finance before purchasing.

Continues…

Jeff Aherne, Director of Cartell.ie says: “Just because a vehicle is older doesn’t mean it’s free of finance. Every day customers are getting caught buying an older car assuming the finance has been paid off.”

Shane O’ Donoghue, Editor of CompleteCar.ie added: “Buyers need to take this issue seriously. A vehicle on finance is the property of the bank until the last payment is made. They could lose their new pride and joy through no fault of their own. Even if they decide to pay off the finance it’s not always an easy process. It’s always worth getting a full car history check – it could save you a small fortune.”

ENDS

Notes for Editors

In many instances of outstanding finance a second or third owner has financed their purchase and subsequently sells the vehicle with finance outstanding, or the first owner sells the vehicle without settling their account with the bank.

About Cartell.ie

Cartell.ie was set up in 2006 to help buyers make an informed choice when buying a used vehicle – including imported vehicles – by providing a user-friendly and cost-effective vehicle data checking service. Cartell.ie is a totally independent company and fully Irish owned.

For further information please contact John Byrne on 087 4199018 or at john@cartell dot ie or check out www.cartell.ie for further information.

About CompleteCar.ie

Founded in 2010 by the country’s most accomplished motoring journalists, CompleteCar.ie offers users free and independent expert advice on all things motoring – from choosing a new or used car to maintenance, running costs and insurance. The website also features the latest new car news and reviews in Ireland.

Shane O’ Donoghue of CompleteCar.ie is also available for further comment on 086 405 2450 or shane@completecar.ie or check out www.completecar.ie.