Half of UK consumers who have financed a vehicle purchase within the past 12 months are now concerned about the affordability of their monthly payments, according to a new nationwide survey commissioned by ALPHERA Financial Services. When asked: “How concerned are you about whether you can afford the payments under your current vehicle finance agreement,” 10% said ‘very concerned’, while 40% said ‘somewhat concerned’. The survey also indicates that unease about affordability is more widespread among younger car buyers, with 55% saying they were ‘somewhat concerned’, compared to just 16% of those aged 65 years and over. These findings suggest that the cost-of-living crisis is still being keenly felt by many car buyers, with inflation, rising interest rates and higher fuel costs impacting affordability.
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