Typical car buyers spend longer deliberating over which mobile phone contract to choose than what type of car finance to go for, a study by BMW has found.
The research, carried out by BMW Group Financial Services, discovered that while more than 70 per cent of respondents take around two months to research which mobile phone contract to opt for, just 60 per cent spend the same amount of time working out the best car finance deal for them – even though choosing an uncompetitive car finance package could leave them much more out of pocket than a pricey phone contract.
There was a slight difference across the genders, too, with 62 per cent of men taking up to two months to decide, compared with 57 per cent for women, reports the Press Association. Meanwhile, a mere 45 per cent of people spent two months searching for the best mortgage for their needs, though a bad mortgage deal could see them spend many thousands of pounds more than they need to.
Our findings suggest that we aren’t prioritising the time we spend on research to get the finance options that can work best for us.
Talking about the findings, Suzanne Gray from BMW Group Financial Services said: “With most of us looking after the pennies and doing what we can to make the pound in our pocket go as far as possible, our findings suggest that we aren’t prioritising the time we spend on research to get the finance options that can work best for us.
“As a nation now focused on purchasing items as a monthly spend – be this phone contracts, gym memberships, mortgages or car finance – we need to make sure we’re armed with all the facts before signing on the dotted line and committing to additional finance.”