Carfinance247 finds gender divide on used car spend

Online broker Carfinance247 has found that men spend on average almost £1000 more than their female counterparts when buying a used car.

Carfinance247 finds gender divide on used car spend

On average, women spend £6,995 on a used vehicle, compared to an average £7,897 spent by men.

Despite spending 12% more than women on used cars, men actually tended to put down smaller deposits. The average deposit from a man was £620, which compared to an average deposit of £653 from women.

Women aged between 20 and 29 had the highest deposit to overall spend ratio of all demographics recorded. They put down an average deposit of £805, but spent the least overall (£6,677).

In comparison, men in this age bracket used an average deposit of £510 on an average spend of £7,415.

Among the reasons given for reducing their deposit to loan ratios and spending less overall on a used vehicle, women mentioned a desire to keep their overall level of debt to a minimum and also cited wanting to divide their spending across other areas including clothing, shoes, holidays and nights out.

The broker also revealed that number of women taking out car finance on its site grew 71% year-on-year in 2015.