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The Bank of England (BoE) has confirmed that interest rates will increase by 0.25%, from 4.25% to 4.5%, the twelfth consecutive increase since December 2021.
In response, the NFDA said that dealers would consider changes to consumer spending habits into their sales processes and price points.
Sue Robinson, chief executive of NFDA said: “Today’s anticipated decision by the Bank of England (BoE) to increase their interest rate by 0.25%, to 4.5%, will certainly have implications for consumer spending habits, but franchised dealers will factoring. this into their sales process and price points, while offering financial options to support consumers’ affordability and budgets.
“Cars are still a necessity for many people and the registration figures for the first quarter of this year show that demand from customers is strong and the market is recovering. The used car market remains in a position of high value, new cars and financing options will still be the preferred choice for many motorists.”
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