Top cars and car-buying trends of 2022

As we say goodbye to 2022, Close Brothers Motor Finance looks back at the most financed cars over the course of the year. 

Lisa Watson, Director of Sales at Close Brothers Motor Finance, said: “Interestingly, the most financed variants of some of the top cars, such as the VW Golf, Ford Focus and Range Rover Evoque, are all diesel-powered vehicles. With the cost-of-living crisis and pressure on household electricity bills, coupled with the initial upfront cost of electric cars, it is perhaps not surprising that consumers are still opting for diesel cars. With the recent announcement that the government will introduce Vehicle Excise Duty on electric cars from 2025, there is little to drive the adoption of alternative fuelled vehicles (AFVs) in the New Year.

“The results show that hatchbacks and mid-size saloons remain the most popular options for consumers, with cars such as the VW Golf, BMW 3 Series and Ford Fiesta remaining on the list from 2021. This is unsurprising given the lower costs, versatility and ability to be used as suitable family vehicles.

“This year has thrown a new set of challenges at the automotive industry. While the industry was still in recovery and feeling the effects of the pandemic, the war in Ukraine has laid down fresh hurdles for manufacturers. As a result, semiconductor shortages have stumped car dealers and retailers across the UK, who’s pricing models have been thrown into disarray thanks to a lack of available stock. This placed significant demand on the used markets, where prices became heavily inflated as a result. Though this has opened up opportunities for the used market, dealers have been under pressure to stock used forecourts to meet new levels of demand. 

“Though recent production figures have offered a glimmer of light at the end of the tunnel, it’s likely that supply issues and constraints will remain a predominant challenge in 2023.”