Finance Levels Up

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Vehicle data expert Cartell.ie reports that more vehicles for certain key registration years are being offered for sale with finance outstanding than in 2019. From a sample of over 5,906 vehicles offered for sale and checked via the Cartell.ie website in 2020, the figures show that more than 35% of three-year-old vehicles are offered for sale with finance outstanding.

In the case of one-year-old vehicles (2019) the levels of vehicles offered for sale with finance outstanding is 34%. This means there is now a one-in-three chance of a one-year-old vehicle being offered for sale with finance outstanding. Similarly in the case of three-year-old vehicles (2017) checked last year there was a 35% chance of a vehicle being offered for sale with finance outstanding based on checks on Cartell.ie in the year gone by. Even older vehicles are regularly offered for sale with finance outstanding โ€“ 21% of all four-year-old vehicles offered for sale in 2020 had outstanding finance against them and the rates of finance are still prevalent for older cars too: four-year old to eight-year-old cars all showed levels of outstanding finance of at least 9% in the marketplace.

Cartell.ie findings

Jeff Aherne, Innovation Lead, Cartell.ie, says: โ€œThe overall percentages of vehicles offered for sale with finance outstanding in key registration years understandably fell slightly in 2020 owing to the prevailing climate, but, financiers will be buoyed by the fact the market showed a great deal of resilience: three-year-old vehicles, for instance, still returned an extremely high level of 35% and even five-year-old vehicles returned a rate of 19% which was up on 2019. Buyers are strongly advised to be cautious in the market as you cannot take good title in the asset until the final payment has been paid to the financial institution. This means you may be buying a huge problem.โ€

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About Author

Michael Sheridan

Michael is Motorhub's Editor. Well known from TV and radio, Michael has been writing, presenting and judging cars since the mid 90's. He is a renowned Producer/Director and documentary film maker. Dozens of credits include: The Whole Way Round (Gay Byrne), The Shamrock Run (Alan Shortt), The Viking Run (Clodagh McKenna) and The Irish 66ers (David Mitchell) and The Climb for Kids (Colin Farrell). Print credits include: the RTE Guide (motoring editor 1999-2003), many national daily papers and Sundays including The Irish Times (freelance) plus other magazines. National radio credits include multiple at RTE Gerry Ryan show, the Mooney Show, The Dave Fanning Show, Drivetime etc. TV credits as a motoring expert include RTE's flagship current affairs show Primetime and TV3's Ireland AM. Michael also presented RTE's car show Drive! in the late 90s and directed some items in MPH2 on TG4. Michael contributes weekly on motoring issues to The Last Word show with Matt Cooper on Today FM. Michael has represented Ireland's motoring journalists in Motorsport at the International Mazda MX-5 endurance race series in Italy and the Arctic Ice Race. He has been a Car of the Year Judge for 20 years, more recently a judge for Van of the Year. Michael is a former Chairperson of the Association of Professional Motoring Press (APMP).

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