Financing The Hidden Cure to Depreciation
The soaring depreciation throughout the range of luxury vehicles has led to a spike in finance deals. Bridford Finance, a luxury car financing company has confirmed this and said that they are seeing a clear rise in customers now choosing short to mid-term financing options as opposed to buying a new car outright or opting for the used car option. Feedback from those customers has further shown that the main reason for the change to finance is due to the risk of losing equity in the vehicle. One customer stated that depreciation on luxury cars is staggering knowing some car owners have lost up to £20,000 before even owning the car for a full year. Depreciation is one of the most feared words in a car purchaser’s dictionary. It tends to be the justification that makes them reconsider getting a used car instead and in truth who could blame them. Recent depreciation levels have shown that prestige cars have lost up to half their value in less than a year of driving off the forecourt. However at this financially delicate time new options like Bridford finance could be seen as the hidden cure to the deadly depreciation virus. Tim Marlow, Bridford Finance owner has also stated that this is ‘just the tip of the iceberg cars that are a year old have lost as much as half their value (£50,000 in some cases) due to depreciation and people are starting to look for alternative options’. Tim Marlow believes that the key reason for the move is simply down to flexibility in their options. ‘People want to avoid the nightmare of depreciation levels and now have the option of eliminating it by opting for finance with the benefit of changing their vehicles regularly, ensuring that they are always enjoying the latest releases’.