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McCormick's View

Some good news for car buyers

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Auto Q's Craig McCormick applies his car motor trade expertise to the headline-grabbing issue of interest rates.

We're all used to assuming the financial news we hear in the headlines will mean bad news for our pockets...because the assumption is usually right!

But the latest Bank of England interest rate rise of 0.25% doesn't need to concern car buyers for one simple reason: car finance agreements are fixed rate so the rate you pay will be the rate you signed up to.

The same applies to any car financial agreement you use to buy a car going forward. There'll be no surprises or hikes in payment, unlike a tracker mortgage.

For example, all our cars have finance examples showing exactly what your monthly cost will be for the length of the entire contract.

And there's more good news -

  • The minimal rise in interest rates, a slow and steady increase, is likely to be met with further increases. At the moment our wholesale finance rate is low, meaning we can buy low and sell low. A great time to look for a change of car.
  • The positive signs our economy is recovering means residual values will be stronger. This makes PCP financing more attractive as monthly payments can be kept lower AND your part-exchange or Auto Q 'Sale or Return' may be worth more.

Most of all, at Auto Q we're here to chat, discuss your options and offer our decades of combined motor trade and car finance experience.

Plus, our promise is a friendly welcome and a relaxed approach with no pressure selling.

Call us - we're here to help.