Vehicle data expert CARTELL.IE reports today (January 9) that the proportion of vehicles offered for sale (across all years) with finance outstanding is at 16.61% – back to the highest levels Cartell.ie has ever recorded. This figure is up from 14.3% in December 2017 and 12.5% in July 2017. From a sample of over 5,906 vehicles offered for sale and checked via the Cartell.ie website in 2018 it was found that overall levels of finance have increased 16.15% in 12 months since December 2017 and 75% since June 2016 when the rate recorded was 9.5%.
Graph 1: Historic Percentages of Vehicles with Outstanding Finance checked on Cartell.ie (Source: Carstat, Cartell.ie)
Jeff Aherne, Director, Cartell.ie, says:
We have now returned to the highest levels ever recorded by Cartell.ie for vehicles offered for sale with outstanding finance. In December 2014 we saw levels of finance outstanding at 7%: so in 4 years the rate has more than doubled. A buyer is advised to check a vehicle for outstanding finance as the finance company owns the vehicle until the last payment has been made – the bottom line is that you can lose the vehicle.”
About Cartell.ie: Cartell.ie was set up in 2006 to help buyers make an informed choice when buying a used vehicle – including imported vehicles – by providing a user-friendly and cost-effective vehicle data checking service. Cartell.ie is a totally independent company and fully Irish owned.
Notes to Editor
Table 1: Historic Percentages of Vehicles with Outstanding Finance checked on Cartell.ie (Source: Carstat, Cartell.ie)