Hamburg – More and more Germans take out a loan to finance the purchase of a vehicle.
The number of debt financing has increased by 18 percent since 2011. This is the result of a representative survey of German vehicle owners conducted on behalf of hnw consulting.
While the proportion of vehicles financed by debt financing was still 27 percent in 2011, it rose to 45 percent in 2012. The Hamburg-based consulting firm consulting hnw determined this in his study “workshop services from the perspective of the vehicle owner,” which was performed in 2012 for the second time. 1,082 vehicle owners from Germany participated in the online survey.
“How much the figures have changed in just one year is amazing,” says Carsten Nyhuis, Partner at hnw consulting. “Manufacturers and banks are increasingly successful to lure consumers with cheap car loans. The difficult economic times make it a lot of people impossible to save for their own car. Yet few German are willing to restrict their mobility. Attractive offers for car financing in the current Low interest rates come as called. “
Debt financing for used cars rising sharply
But not always used auto loans long to make the really big jumps: Many do not use the possibility of debt financing for the purchase of a new car, but content themselves with a used vehicle. The proportion of motorists whose cars are at most one year old rose only slightly in 2012, from nine to twelve percent. 38 percent drive a car that is between two and five years old. They are by far the largest group, with the number falling by two percentage points compared to 2011. 26 percent of the vehicles on Germany’s roads are six to ten years old, this proportion is almost constant.
“The car dealers respond to the crisis, such as special rates for discontinued models,” says Carsten Nyhuis. “The customers like to grab the opportunity then, if at the same time fit the conditions for debt financing.”
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