Car finance

Savings claim substantiation

The following calculation is based on a £10,000 car with a £1,000 deposit borrowing £9,000 over a period of 48 months.

Through using Confused.com/car-finance, customers could save £933.90 versus the dealers:

Dealers Us Difference
Rep APR DealersDealers11.30% UsUs6.50% DifferenceDifference
Deposit DealersDealers£1,000 UsUs£1,000 DifferenceDifference
Term DealersDealers48 UsUs48 DifferenceDifference
Car value DealersDealers£10,000 UsUs£10,000 DifferenceDifference
Amount without deposit DealersDealers£9,000 UsUs£9,000 DifferenceDifference
Monthly without interest DealersDealers£208.33 UsUs£208.33 DifferenceDifference
Monthly total repayment DealersDealers£231.74 UsUs£212.28 DifferenceDifference£19.46
Total cost DealersDealers£11,123.56 UsUs£10,189.67 DifferenceDifference£933.90

The data behind the calculation is based on the top 20 UK dealers (by size) for the hire purchase rep APR. 19 of the dealers have a comparable hire purchase rep APR and have a total coverage of 64% of the market based on value and size.

The data has been monitored since the 6th April 2018. The below data is true as of 15th June 2019 and will continue to be monitored on a quarterly basis throughout the campaign.To demonstrate the saving versus the dealers, we looked the mode, average median. The median resulted in a fair representation as it's between the mode and average results. All the results demonstrated a saving. 

How it was calculated

  • Confused.com sourced the representative APR from the AM100 as shown online for Hire Purchase (HP) for the top 20 dealers
  • Of the top 20, 19 dealerships shared their representative APR for the HP product online.
  • The median of these 19 dealers was calculated and was compared to Confused.com’s cheapest representative APR for Hire Purchase on the panel (Zuto).
  • This was calculated using a deposit of £1,000 over a term of 48 months with a car value of £10,000 to produce the savings claim.

Data source AM100

Top 20 dealers Garage Rep APR (HP)
Top 20 dealersTop 20 dealersSytner Group GarageGarage Rep APR (HP)Rep APR (HP)12.40%
Top 20 dealersTop 20 dealersPendragon GarageGarageEvans Halshaw Rep APR (HP)Rep APR (HP)10.90%
Top 20 dealersTop 20 dealersLookers GarageGarage Rep APR (HP)Rep APR (HP)9.90%
Top 20 dealersTop 20 dealersArnold Clark GarageGarage Rep APR (HP)Rep APR (HP)9%
Top 20 dealersTop 20 dealersInchcape Retail GarageGarage Rep APR (HP)Rep APR (HP)11.50%
Top 20 dealersTop 20 dealersVertu Motors GarageGarageHyundai Rep APR (HP)Rep APR (HP)
Top 20 dealersTop 20 dealersMarshall Motor Holdings GarageGarage Rep APR (HP)Rep APR (HP)12.90%
Top 20 dealersTop 20 dealersJardine Motors Group GarageGarage Rep APR (HP)Rep APR (HP)12.80%
Top 20 dealersTop 20 dealersTrustford GarageGarage Rep APR (HP)Rep APR (HP)13.90%
Top 20 dealersTop 20 dealersMercedes Benz GarageGarage Rep APR (HP)Rep APR (HP)12.30%
Top 20 dealersTop 20 dealersJCT600 GarageGarage Rep APR (HP)Rep APR (HP)12.30%
Top 20 dealersTop 20 dealersListers Group GarageGarage Rep APR (HP)Rep APR (HP)10.90%
Top 20 dealersTop 20 dealersPeugeot Citreon Retail UK GarageGarageRobins & Day Rep APR (HP)Rep APR (HP)12.90%
Top 20 dealersTop 20 dealersGreenhous Group GarageGarage Rep APR (HP)Rep APR (HP)11.90%
Top 20 dealersTop 20 dealersJohn Clark Motor Group GarageGarage Rep APR (HP)Rep APR (HP)9.90%
Top 20 dealersTop 20 dealersStoneacre GarageGarage Rep APR (HP)Rep APR (HP)11.30%
Top 20 dealersTop 20 dealersSwansway Group GarageGarage Rep APR (HP)Rep APR (HP)9.90%
Top 20 dealersTop 20 dealersParks Motor Group GarageGarage Rep APR (HP)Rep APR (HP)9.90%
Top 20 dealersTop 20 dealersRenault Retail Group GarageGarage Rep APR (HP)Rep APR (HP)9.90%
Top 20 dealersTop 20 dealersRybrook holdings GarageGarage Rep APR (HP)Rep APR (HP)11.00%

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