Lamborghini Huracan Spyder
Interesting Info 14 May 2024

Revealed: 2024’s Most Funded Vehicles

With the weather certainly turning much hotter recently (aside from the last 24 hours), we thought we’d take a look at what is hot in the car market too. Whilst many decide to purchase an SUV or a car with all-wheel drive for the Winter, the return of the better weather and the new registration, as well as the end and beginning of a new financial year for businesses, means that for many the first few months of a new year are always a prime time to purchase your next car.

Now that we are already a third of the way through 2024, apologies for reminding you about that fact, we thought we’d take a look at what cars we have been funding to see how the car market is behaving so far this year. So what are the most popular cars being funded so far in 2024, not just in terms of makes and models, but also the way they are fuelled and what seems to be the type of car our customers are funding. Read on to find out more:

Fuel Type

With almost 1,800 vehicles funded already this year it may be difficult to predict what will happen for the remaining two-thirds of the year, however if it continues the way it has started it certainly will make for some interesting reading.

The biggest headline is that last year the number of fully electric vehicles funded rose by 30% from the year before, with 7.6% of all vehicles funded lacking from a combustion engine. Yet this year the electric vehicle percentage share currently stands at a little over 5%, a fall of just over a third compared to last year’s share. In fact, we have currently funded the same amount of Rolls Royce models than we have the combined total of Tesla cars.

Whilst this may not necessarily show a trend that will remain for the rest of the year, it does conform to the belief that perhaps the electric car market is not just stalling but may be in decline. This is despite the increasing number of used electric cars on the market for a fraction of their initial list price when new and the tempting prospect they can offer. Not just that, but in order to attempt to meet the Government’s strict ZEV Mandate, manufacturers are already offering considerable price reductions on brand new models in order to tempt people into electric cars.

What Is Hot Right Now? - Tesla Range Charging
Image courtesy of Tesla

Whilst the drop in electric car funding our customers are requiring may be quite a large difference, it is nothing compared to the rise in petrol powered vehicle funding. In the whole of last year, 58.3% of vehicles we funded were petrol powered with a further 4.3% hybrid vehicles that used petrol power. This year the share of petrol power vehicles currently stands at 90%. This leaves a miniscule 5% of the share for Diesel powered vehicles, which stood at almost 30% at the end of 2023. Certainly a definite shift in how people like their cars to be powered.

Brand

So far in 2024 the manufacturer’s products that our customers are funding are the same popular brands as in previous years, however there currently is a different order to who is leading the way. Despite Porsche being one of our most popular makes that we fund year in year out, and being our most popular brand in 2021, it has been beaten to top spot by both Land Rover and BMW in recent years. So far this year however, the number of Porsche products we are funding is by far the runaway leader.

Almost 300 Porsche models have been funded thus far, with more than a third of them being a 911 in some way or another. Whether this is due to a surge in demand to purchase a Porsche product whilst they still are enjoying the combustion engine combination that we know and love, the competitiveness of our funding products compared to Porsche dealerships, or merely the popularity of the product itself, the brand is certainly having a strong start to the year.

What Is Hot Right Now? - Porsche Header

Despite the number of Land Rover and Range Rover products we fund year in year out, BMW is actually a more popular product with our customers at the moment, and closely following the brand is Mercedes Benz. Together with Porsche, the trio of German manufacturers are seeing more cars funded than ever before by our customers. Whether this is due to a decline thanks to the well discussed rising insurance costs of Land Rover products, or merely the change in the weather at this time of year meaning a drop in SUV products required before an uplift from the Autumn onwards remains to be seen, but it is an interesting shift in brand purchasing for 2024 thus far.

Models

With the popularity of the Porsche brand, and in particular the 911 with our customers, it is no surprise to see that the iconic Stuttgart sports car is our most popular model once again so far. More than a third of all Porsche models funded so far this year is a 911, with enough for almost one per day for every day in 2024. Interestingly enough for the manufacturer, a third of all electric cars funded so far this year have been a Taycan, showing a resurgence in the popularity of arguably the most accomplished electric car on the market.

The number of Range Rover products funded in the first 4 months of the year also remains strong despite a lot of the negative press the brand has received recently from thefts and rising insurance costs. As seems to be the case each year in a strange coincidence, the number of Range Rover (56) and Range Rover Sport (58) models funded remains pretty much even, with both models comfortably exceeding the number of Velar or Evoque models funded.

Range Rover SV Burford Edition
Image courtesy of Range Rover

Other notable popular models are the performance versions from the major brands being funded by our customers. For example, of all the Mercedes Benz vehicles funded, 40% are AMG models, of all the BMW models funded almost 25% are ‘M’ cars and over a third of all Audi vehicles funded are RS versions. This shows that despite the rising fuel prices and for many the cost of car insurance, the performance versions with their powerful combustion engines continue to be a popular choice when it comes to choosing your next car.

Another factor of the improving weather means that supercars, sports cars and convertibles are becoming more and more popular in recent months. In fact so far this year our customers have funded approximately 50% more supercars (122) and convertibles (120) than they have the combined number of electric cars. Some of the more notable additions to this list have been rare models such as a LaFerrari Aperta, an Aston Martin Vanquish Zagato shooting brake, a Porsche Carrera GT and a notable mention of the non-SUV SUV in the shape of one of the very first Ferrari Purosangue models in the country, as well as one of the first Aston Martin DB12’s, all being funded through Oracle Finance.

What Is Hot Right Now?

So what does all of this tell us about the car market so far in 2024? The headline figures are that the interest in electric vehicles not only seems to be stalling but is in quite a considerable decline, at least with our customers. But what could be causing the decline in electric cars being funded? It could be down to the removal of incentives for private customers purchasing electric cars form manufacturers. Perhaps the lack of confidence in the charging network and its reliability or the convenience especially for those who cannot charge them easily at home. Or maybe even the right products not being available to interest those who are happy with their petrol or diesel cars. One thing is for sure, the impending combustion engine ban or the strict ZEV Mandate brought in by the Government doesn’t seem to be having the desired effect just yet.

The increase in sports cars, convertibles and supercars being funded by our customers will no doubt be seasonally driven, however their numbers do seem to be on the rise compared to previous years. This, together with the fact that manufacturers are looking to produce ‘swansong’ models and the last of the combustion engine variations of their exotic cars, means that the current choice in this area of the car market is greater than ever before. With so many popular models scheduled for production to end over the next few years, it could be the perfect time to purchase that sports or supercar that you’ve always wanted whilst you still can.

Lamborghini Huracan Spyder

Some of the most popular cars funded by our customers from recent years continue to be a popular choice again, helped by either the launch of a new version or the announcement that the model may be withdrawn for sale or moving to electric power only. Popular brand Porsche have seen an uplift in Macan, Cayenne and 718 Cayman models being funded, with all 3 likely to be all-electric over the next few years following the unveiling of the electric-only new Macan. The same can be said for the Mercedes Benz G-Class, with the announcement of the all-electric version not affecting interest in the current combustion engine iteration, more spurring purchasers on just in case it is due to be replaced.

The Oracle Finance Difference

With the higher interest rates meaning there are a number of fluctuations in packages available from dealerships, so many of those looking for vehicle funding are realising it is about the quality of service and the personal touch perhaps more than the headline rates that manufacturer finance products have available. Whilst the car market might be an uncertain and changeable place at the moment, you can rest assured that Oracle Finance have the expertise and knowledge to assist you in whatever type or brand of car you are looking to fund.

Looking to purchase a car in 2024? Why not get the ball rolling with a no obligation conversation with your dedicated Account Manager about your funding options. You can get in touch with us either by calling 0800 012 6666 or online by clicking here.

With over 2,300 Trustpilot reviews, four-time consecutive award winners of the Best Specialist Car Finance Provider award from 2020 through to 2023, and having funded over £1.9 billion and counting, you too can find out why thousands of people trust us time and time again to find a smarter, tailored funding solution when looking for your next car.

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