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17.5 per cent of vehicles for sale have finance outstanding


Vehicle data expert Cartell.ie has revealed that 17.5 per cent of all vehicles offered for sale have finance outstanding. This is up from 16.6 per cent in December 2018 and 11.5 per cent in January 2017.

Cartell.ie also reports that more vehicles for certain key registration years are being offered for sale with finance outstanding than in 2018. From a sample of over 5,906 vehicles offered for sale and checked via the Cartell.ie website in the first six months of 2019, the figures show that 42 per cent of three-year-old vehicles are offered for sale with finance outstanding.

John Byrne of Cartell.ie commented: “42 per cent of all three-year-old vehicles (2016) checked in the first six months of 2019 on Cartell.ie have finance outstanding. This is up from 39 per cent of three-year-old vehicles (2015) checked last year on the site over the equivalent period. The rise is possibly attributable in some cases to expiring PCPs where owners are testing the market to see if they can return a higher price than the Guaranteed Minimum Future Value (GMFV) guaranteed by the dealer.

“What’s really concerning is that finance levels are up all across the years and the headline figure of 17.5 per cent overall is particularly concerning. 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.”