Like stories like this? You’ll see every article as soon as it’s published by reading the print edition of Grassroots Motorsports. Subscribe now. Story by Norman Garrett • Photos as Credited Broken cars whisper to me. I’ve owned some 60-odd cars in my life, and fully half of them did not run when I bought them. Of course, most of them were European sports cars from the ’60s and ’70s, so they had died of self-inflicted wounds due to poor build quality, poor materials, poor design, or the like. These cars would call to me from behind garages and under trees in backyards all over the South, and unless they were hopelessly terminal, I would generally answer their cries for help. The modern era has provided the ultimate enabler in the form of the internet: I have taken to searching eBay and local Craigslists using “projects,” “broken” and “dead” as my search keywords, with great results. Imagine my joy, … [Read more...] about Ran When Wrecked: How to Save a Totaled Car
Maruti Suzuki and Hyundai are totally dominating the Indian car market, by grabbing over 65 % of the total car sales in the country over the past 12 months between April 2017 and March 2018. Out of three cars sold in India, two are from either Maruti or Hyundai. Maruti now has a whopping 50 % market share in India, and Hyundai has almost 16 %. Together, these automakers are controlling 2/3rds of the car market in India. And this dominance shows no signs of reducing in the coming years. Out of the 10 top selling cars in the last 12 months, there are seven Maruti Suzuki cars – Alto, Dzire, Baleno, Swift, WagonR, Celerio and Vitara Brezza. The other three spots in the top-10 selling cars of India is taken by the Hyundai Grand i10, Elite i20 and Creta. Cars like the Renault Kwid, Honda City and the Mahindra Bolero have been edged out of the top 10. What this also means is, more than 10 other mass market car brands operating in India – Mahindra, Tata Motors, Honda, Toyota, Ford, … [Read more...] about Maruti Suzuki & Hyundai totally dominate Indian market with Swift, Dzire, Baleno Grand i10 & i20 Elite: Actual numbers revealed!
The latest numbers posted by the Finance & Leasing Association show that car finance continues to drive car sales across the country, even though the number of new car sales is falling. Data for February shows that the number of new car finance deals decreased by 2% on last year, in line with the drop in sales. But the amount borrowed increased by 9%, representing an increase of more than 11% in the amount borrowed per car. February is one of the slowest months of the year for new car sales, so any fluctuations tend to be less important. But the data is bang in line with what has been happening in the industry for the last several years. More than 88% of private new car buyers are taking finance arranged at the dealership, essentially creating a financial monopoly on how new cars are purchased. Cars bought on finance by consumers through dealerships New business Feb 2018 % change on prev. year 3 months to Feb 2018 % change on prev. year 12 months to Feb 2018 % … [Read more...] about Car finance results show no slowdown in borrowing
In contrast the number of new cars financed at dealerships fell by 2% compared with February 2017, while the value of new business increased by 9% over the same period.Overall, the percentage of private new car sales financed by FLA members through the POS remained steady at 88.5% in the twelve months to February, unchanged on the same period to January 2018. Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer car finance market reported steady single-digit growth in February. “Demand from consumers for new car finance continued to reflect trends in private new car sales. “POS consumer car finance new business volumes overall in the twelve months to February were 1% higher than in the same period in 2017 at 2.4 million.” Table 1: Cars bought on finance by consumers through dealerships New business Feb 2018 % change on prev. year 3 months to Feb 2018 % change on prev. year 12 months to Feb 2018 % change on prev. year New … [Read more...] about Dealers see 15% rise in used car finance in February
The car finance sector has started 2018 with some surprisingly good results, based on the information published last week by the Finance and Leasing Association. Despite private new car sales falling by nearly 10% in January, point-of-sale consumer car finance (ie – finance arranged via car dealers) on new cars was down by only 4%. In addition, the amount borrowed was up by 4% on last year, meaning that the average amount borrowed on new cars was up by more than 8% compared to the same month in 2017. It’s a bit early to say whether this means we can expect an even bigger result than last year’s record levels of car finance debt, but it’s a worrying start. Point-of-sale finance continues to monopolise the new car finance market, with more than 88% of private new car buyers using finance sourced by the dealer to fund their cars. This is up from about 86% a year ago. Most buyers use a personal contract purchase (PCP) to fund their new cars, borrowing more than … [Read more...] about Surge in car finance despite falling sales