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Borrowing on vehicles has risen by 253% in a little over a decade, up from £11.2billion in 2009 to nearly £39.6billion at the end of June 2022, according to a new report.
Finance debt for new and used cars has risen to £40 billion per year, prompting concerns that consumers may default on agreements amid soaring living costs.
The cost-of-living crisis is pushing new and used car buyers to opt for finance rather than cash purchases, research by What Car? has found.
There are plenty of cars to choose from for the new '22 plate including the fifth generation Kia Sportage (pictured), from £26,745, now being delivered.