Close Brothers Motor Finance has revealed its list of the most popular cars to finance in 2024.
The Volkswagen Golf topped the list, followed by the Ford Fiesta and the Ford Focus.
John Cassidy, MD of Sales at Close Brothers Motor Finance, said: “The continuing challenges facing motorists is reflected in the selection of petrol and diesel vehicles on this list.
“Owing to the rising cost of motoring, which is becoming unaffordable for some drivers, it’s little surprise to see economical, practical cars make up the bulk of the top 10.”
The fourth most popular vehicle to finance was the BMW 3 Series, followed by the Mercedes-Benz A Class, the Nissan Qashqai, the BMW 1 Series, the Vauxhall Corsa, the Mercedes-Benz C Class and the Audi A3.
Consumers have had to contend with tough economic conditions – high energy bills, rising insurance premiums and other financial challenges. Many have opted for practical, affordable options.
Consumer choice indicates that affordability is the priority for the majority of drivers. This observation has been key in informing dealer stock decisions.
Cassidy added: “This will cause further headaches for manufacturers who are having to produce electric vehicles in line with the ZEV mandate, despite limited consumer demand.
“This will need to be a focus point for the Government in 2025. Electric vehicle infrastructure, such as charging points, remains inadequate for widespread adoption, and the removal of incentives, such as exemption from excise duty, could further stall the transition away from traditional petrol and diesel vehicles.”
