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Good news for car finance!

A new study by the US National Automobile Dealers Association (NADA) has shown that the cost of an average US car is 35% more expensive than the average cost in the UK. Car finance and car leasing isn’t the catalyst, however.

A new study by the US National Automobile Dealers Association (NADA) has shown that the cost of an average US car is 35% more expensive than the average cost in the UK. Car finance and car leasing isn’t the catalyst, however. It seems that it is the Brit’s desire to buy cheaper, smaller cars that has helped keep our average cost of a new car down to £12,000 as opposed to the American’s £18,239.

The American’s have it good with car finance, however. Apparently, around 50% of all cars on the road in the US are cars bought through car leasing, and that subsequently means that the consumers are paying a lot less per month than us Brits. A UK BMW 1 Series hire purchase consumer would pay around £550 per month, while in the US the same car would cost £282 through car leasing.

According to NADA, though, the UK is beginning to buy through car leasing as it gains more popularity throughout the country.

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