PRESS RELEASE

Vehicle data expert CARTELL.IE reports today (25 June 2015) that the proportion of vehicles offered for sale (across all years) with finance outstanding is 9.6%. The levels of finance in the market place are rising fast – the equivalent figure for December 2014 was 7% – marking a significant rise of almost 40%. In April Cartell.ie predicted market finance levels had “bottomed out” and were on the rise. The results are based on finance checks carried out on Cartell.ie.

Cartell.ie also reports today that more vehicles for certain key registration years are being offered for sale with finance outstanding than last year. In the case of three-year-old vehicles (2012) the levels of vehicles offered for sale with finance outstanding has risen from 17.8% in end of year 2014 to 21.4% in the year-to-date in 2015. This means there is now more than a one-in-five chance of a three-year-old vehicle bring offered for sale with finance outstanding.

Similarly in the case of two-year-old vehicles (2013) there is a 19.1% chance of a vehicle being offered for sale with finance outstanding.

Statistics published by Cartell.ie indicate that buyers have more than a one-in-seven chance of purchasing a four-year-old vehicle (2011) with finance outstanding. From a sample of over 5,906 vehicles offered for sale and checked via the Cartell.ie website in 2015, the figures show that 10.9% registered in 2010 are still on finance. Even older vehicles are regularly offered for sale with finance outstanding – 6.8% of all 2008 registered vehicles offered for sale had outstanding finance against them. 

John Byrne, Cartell.ie, says: “Finance levels are now rising fast since reaching a low of around 7% in December 2014. This creates a treacherous terrain for a used car buyer as those who may have risked a purchase in the past without checking if a vehicle has outstanding finance stand a far higher risk of getting caught out in the current market.”

Finance House Share of Market

Vehicle History Expert Cartell.ie also today releases information on the percentage share of the market of various finance houses offering lending facility for purchase of motor vehicles. The results show that manufacturer’s own banks (BMW Financial Services and VW Bank) have both risen significantly in prominence and now occupy the third and fourth position overall with a combined share of 30% of the overall market. The results are based on finance checks carried out on Cartell.ie in 2015.

Table 1: Percentage Share of the Market based on Finance Checks carried out on Cartell.ie (YTD 2015)

 John Byrne, Legal and Public Relations Manager, Cartell.ie, says:

The market dynamics have changed significantly in the last 5 years. Banks such as BMW Financial Services and VW Bank – in-house banks which rose to prominence as a direct result of the negative impact of the recession on market liquidity – are now booming. These results may correlate with the increasing popularity of PCP in the marketplace.”

ENDS

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 at cartell.ie or check out www.cartell.ie  for further information.