We asked Andrew Brameld, managing director of BNP Paribas Personal Finance’s motor finance business in the UK, about the growing trend to buy used cars.
The used car market is key for most motor dealerships across the UK, and is a vital platform for dealers to boost profits and engage loyal customers.
The used market caters for many people for many differing reasons. For younger drivers in particular, the second hand market offers a viable means into car ownership – with a high degree of flexibility on makes, models, trims and condition to suit any budget.
While these sales have a strong consumer to consumer sales element, it is becoming an important part of the package for dealerships looking to bolster business and attract new customers. Getting young customers in the dealership early can help to build loyalty and ensure they return time and again. According to research carried out by BNP Paribas Personal Finance a good dealership experience is the third most important factor for customers when it comes to returning to buy a new car – ahead of an attractive commercial offer. But it’s not only youngsters who can be captured by maximising this side of the business.
Today, the ranks of second-hand cars are being swelled by the return of lease vehicles which helps to make it appeal to more established motorists looking to save money or purchase a higher specification care than they would be able to afford on the new car market.
For these customers the finance package is key. Offer an affordable rate and you may just find you’re able to convert a customer who would otherwise have walked away empty handed.
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