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 £1,167.32 versus the dealers:

Dealers Us Difference
Rep APR DealersDealers11.90% UsUs5.90% 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£187.50 UsUs£187.50 DifferenceDifference
Monthly total repayment DealersDealers£234.24 UsUs£209.92 DifferenceDifference
Total cost DealersDealers£11,243.52 UsUs£10,076.20 DifferenceDifference£1,167.32

The data behind the calculation is based on the top 20 UK dealers (by size) for the hire purchase rep APR. 17 of the dealers have a comparable hire purchase rep APR and have a total coverage of 55.41% of the market based on value and size.

The data has been monitored on a monthly basis commencing on the 6th April 2018. The below data is true as of 1st May 2018 and will continue to be monitored on a monthly basis throughout the campaign. The data has continued to remain the same throughout the monitoring period.

To demonstrate the saving versus the dealers we looked at the mode, average and median. The median resulted in a fair representation as it’s between the mode and average results. All results demonstrated a saving of over £1,000.


Calculation results:

Saving
Median SavingSaving£1,167.32
Average SavingSaving£1,083.28
Mode SavingSaving£1,368.82

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, 17 dealerships shared their representative APR for the HP product online.
  • The median of these 17 dealers was calculated and was compared to Confused.com’s cheapest representative APR for Hire Purchase on the panel (Admiral).
  • 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) Without gaps
Top 20 dealersTop 20 dealersPendragon GarageGarageEvans Halshaw Rep APR (HP)Rep APR (HP)11.90% Without gapsWithout gaps11.90%
Top 20 dealersTop 20 dealersInchcape GarageGarageOnline Rep APR (HP)Rep APR (HP)10.90% Without gapsWithout gaps10.90%
Top 20 dealersTop 20 dealersArnold Clark GarageGarageOnline Rep APR (HP)Rep APR (HP)9% Without gapsWithout gaps9%
Top 20 dealersTop 20 dealersSynter GarageGarageOnline Rep APR (HP)Rep APR (HP)12.90% Without gapsWithout gaps12.90%
Top 20 dealersTop 20 dealersLookers GarageGarageOnline Rep APR (HP)Rep APR (HP)13.90% Without gapsWithout gaps13.90%
Top 20 dealersTop 20 dealersMercedes Benz GarageGarageOnline Rep APR (HP)Rep APR (HP)10.90% Without gapsWithout gaps10.90%
Top 20 dealersTop 20 dealersJardine motors GarageGarageOnline Rep APR (HP)Rep APR (HP)12.80% Without gapsWithout gaps12.80%
Top 20 dealersTop 20 dealersFord retail GarageGarageFordthorne Rep APR (HP)Rep APR (HP)12.90% Without gapsWithout gaps12.90%
Top 20 dealersTop 20 dealersCamden corporate GarageGarageNA Rep APR (HP)Rep APR (HP) Without gapsWithout gaps9.90%
Top 20 dealersTop 20 dealersVertu GarageGarageHyundai Bristol Rep APR (HP)Rep APR (HP)9.90% Without gapsWithout gaps9.90%
Top 20 dealersTop 20 dealersListers GarageGarage Rep APR (HP)Rep APR (HP)9.90% Without gapsWithout gaps11.90%
Top 20 dealersTop 20 dealersGreenhous GarageGarage Rep APR (HP)Rep APR (HP)11.90% Without gapsWithout gaps9.90%
Top 20 dealersTop 20 dealersJCT600 GarageGarage Rep APR (HP)Rep APR (HP)11.90% Without gapsWithout gaps9.90%
Top 20 dealersTop 20 dealersReagroup GarageGarage Rep APR (HP)Rep APR (HP)9.90% Without gapsWithout gaps12.90%
Top 20 dealersTop 20 dealersRobins & Day GarageGarage Rep APR (HP)Rep APR (HP)12.90% Without gapsWithout gaps12.90%
Top 20 dealersTop 20 dealersPerrys GarageGarage Rep APR (HP)Rep APR (HP) Without gapsWithout gaps11.90%
Top 20 dealersTop 20 dealersMarshall Motor Holdings GarageGarage Rep APR (HP)Rep APR (HP)12.90% Without gapsWithout gaps11.20%
Top 20 dealersTop 20 dealersReeve (Derby) GarageGarageMerged with Pendragon Aug 2017 Rep APR (HP)Rep APR (HP)11.90% Without gapsWithout gaps
Top 20 dealersTop 20 dealersCamden Motor Group GarageGarage Rep APR (HP)Rep APR (HP) Without gapsWithout gapsMedian
Top 20 dealersTop 20 dealersHartwell GarageGarage Rep APR (HP)Rep APR (HP)11.20% Without gapsWithout gaps11.90%

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