Oracle Car Finance 2024 Review
The start of a new year is always a fantastic opportunity to look forward and make plans for the next 12 months and beyond. Whilst we look forward to 2025 and how we look to help even more of our customers than ever before, we also enjoy looking back at statistics for the year that has just gone.
2024 certainly had its challenges and hurdles for the finance industry as a whole, yet despite this it was another excellent year for us here at Oracle Car Finance. With over 4,300 vehicles funded for our customers and more than £200 million of funding provided, 2024 was a very busy 12 months.
2024 was a landmark year for Oracle Car Finance as we passed £2billion worth of funding for our customers. A landmark figure, especially since the last £1 billion was passed in just the past 5 years, and a great accolade to continue with as we enter our 20th year as a business. But it isn’t all about the value. More importantly, with our 5-star service continuing and our excellent TrustPilot reviews surpassing 2,500 and beyond, it was great to see how many of our happy customers we help to fund their dream cars of all shapes and sizes throughout the year.
But as is the tradition this time of year, what exactly were our customers funding? How many of each type of car were being funded? How did it compare to the year before? And with a time of uncertainty for most buyers about how their cars are powered, are the amount of fully electric cars being funded rising considerably, or are our customers still preferring a combustion engine?
Take a look at the Oracle Car Finance 2024 review:
Brand
It was all change for the most popular vehicle manufacturers our customers were funding throughout 2024. Land Rover had been our most popular brand funded by our customers for the past 2 years in a row, yet it was a return to the top in 2024 for Porsche.
Our official partnership with Porsche Club GB could not be more appropriate over the past 12 months as the number of Porsche models we funded throughout the year grew by more than 40%. That meant that over 860 Porsche models were funded by our customers during 2024. That’s more than 70 Porsche models per month, or over 16 funded each week and on average nearly 3 funded each and every day that the Oracle Car Finance offices are open for business.
The number of BMW’s funded by our customers this year also saw a 5.5% increase to ensure the brand remained our second most popular, with almost 650 funded throughout 2024. Land Rover models actually saw a decrease of just under a third compared to the previous year, yet still a considerable amount at just under 600 vehicles over the past 12 months. With the launch of the fully electric Range Rover and Range Rover Sport models likely to be released at some point in 2025 this may see a spike in vehicles funded this year.
Mercedes Benz remained our 4th most popular funded brand, with almost 530 vehicles funded in 2024, almost the same total as the previous year. Audi once again was the fifth most popular brand, despite nearly a 20% decrease in number of vehicles funded. Yet this figure was still enough to see an average of very nearly 8 models of the brand funded each and every week.
In fact, the four big German brands accounted for over 56% of all vehicles funded throughout 2024, a 10% increase in the share of total vehicles funded compared to the previous year.
Other notable brands that saw considerable changes in the number of vehicles funded over the past 12 months included a 33% increase in the number of Ferrari models funded during 2024, now well over 100 vehicles. Fellow Italian brand Lamborghini also saw a substantial increase of over 40% in vehicles funded compared to 2023, with almost 90 models funded in the past 12 months.
Of the notable decreases in our customers funding their vehicles, popular electric vehicle brand Tesla saw the biggest drop in numbers. 2023 saw over 130 models funded throughout the year, itself a small share of the total number, however over the past 12 months less than 50 models were funded by our customers. As a comparison we actually provided funding for more Aston Martin, Bentley, Lamborghini and even Rolls Royce models during 2024 than we did for Tesla vehicles.
Body Type
The SUV is by far the most common body type these days, with more models than ever before available on the market. Unsurprisingly this also means that it is by far our most popular funded type of vehicle by our customers, with 42.76% of all vehicles funded in 2024 being an SUV. Coincidentally the same percentage share that was funded the year before too.
With the number of supercars we funded this year, an increase of over 50% compared to the previous year, it is no surprise that the Coupe body style was once again the second most popular type of vehicle funded in 2024. In fact, the past 12 months saw more than 430 vehicles funded that are considered to be a supercar or hypercar, with the types more varied than ever before.
Despite SUV’s and Coupes share of the vehicles our customers are funding remaining fairly consistent over the past couple of years, the share of hatchback body style models being funded fell by almost a third to almost 6.7%, whereas despite the UK climate, the share of Convertibles almost doubled to over 8.3%. Commercial vehicles remained the 6th most funded type of vehicles with a 4.76% share, whilst the number of Estate cars increased by over a quarter compared to the previous year, to 4.72%. The number of motorhome and campervans retained a 0.6% share of the total vehicles funded.
Of the more obscure and less common brands funded throughout 2024, our customers received funding for an Ultima, three Austin Healey’s, four Caterham models, a Facel Vega, a couple of Lancia’s, a Lister, a trio of Morgan models, a Noble and three Triumph models.
Models
Following on from the huge increase in Porsche vehicles we funded during 2024, there was no chance that the ever popular 911 was going to be dethroned from its place as our most popular funded model each year. The number of 911’s we funded over the past 12 months was almost 60% more than the previous year, with over 360 funded in 2024.
From classic and rare collectable models to brand new 992 GT3 RS models and everything in between, funding more 911’s then there are days in the year is quite a considerable amount. In fact, if all the 911’s we funded in 2024 were placed end to end they would stretch for more than a mile, or twice the height of the Burj Khalifa in Dubai.
Over the past 12 months we funded so many Porsche 911 models that it was more than double the amount of the next most popular model, the full size Range Rover. In 2024 we funded 150 Range Rover models, as well as 135 Range Rover Sport models, split in the table by a new addition to our most popular funded model, the 146 Porsche Cayenne models that were funded too.
Another new addition to the most popular models funded by our customers was the BMW 3-Series. From 3-Series Saloons to the latest M3 CSL and desirable M3 Touring iterations, the number of 3-Series models funded during 2024 was almost double the number of the previous year at more than 130.
The ever-popular Land Rover Defender saw a 14% increase in models funded compared to the previous year, to also just over 130 models for 2024. One of the biggest increases in number of models funded compared to the previous year came in the shape of the Porsche Macan. The appeal of the all-new all-electric model, as well as those holding on to the fact you can still buy a combustion engine version for now meant that the popular Porsche model saw more than a 50% increase in the number funded by our customers, to just under 130 vehicles over the year.
Of the most notable ‘also funded’ models for 2024 that may be of interest we have also put together our FUNDING HIGHLIGHTS OF 2024 blog post as well as our MOST INTRIGUING FUNDED OF 2024 blog post that are well worth a look, even if we say so ourselves.
Some of the most popular models we fund each year are the supercars and brand new models that are released throughout the year, with 2024 being no exception. Included in some of the notable models our customers were funding in 2024 included a couple of the new Aston Martin DB12, a couple of the Ferrari Purosangue, 6 Lamborghini Revuelto models, a trio of McLaren Arturas, a Rolls Royce Spectre, 24 of the 992 generation Porsche 911 GT3, GT3 RS and Touring models and 20 of the new electric Porsche Macan.
As well as the all-new models, there are the desirable vehicles that were discontinued in 2024, including 24 Audi R8 models, almost 80 Jaguar models (a brand that are to sell no new vehicles in 2025 at all) and more than 30 Lamborghini Huracan examples.
At the complete other end of the marketplace from the brand-new models are the abundance of classic vehicles that we fund each year, and 2024 saw perhaps even more variation than ever before. From the 6 Jaguar E-Type models we funded, including one that was on display at this years’ Salon Prive concours lawn at Blenheim Palace, to a fully restored Mk1 Ford Escort RS2000 bought at auction, a rare Lister Knobbly racing car, a whole range of classic and future classic Ferrari models, an exquisite Ford F1 100 pick up truck, a vintage Jaguar SS100 and everything in between.
Fuel Type
Perhaps the most interesting statistic of the last 12 months is how much, or indeed how little, the impending combustion engine ban and the constant narrative about electric cars is affecting the types of vehicles our customers are looking to fund. We’ve always said that our customers are as enthusiastic about cars as we are, and that the term ‘petrol heads’ isn’t about to be replaced with anything EV related anytime soon.
Over the past few years, the percentage of petrol engine cars our customers are funding, rather than being on the decline, has actually been increasing year on year. In 2022 the percentage of petrol cars our customers funded was 55.8%, in 2023 it grew to 55.8% and last year it grew again to just over 71%.
Diesel engine vehicles being funded have also seen a change over the past few years, from roughly a third in 2022 to under 30% in 2023 and for 2024 dropped even further and now stands at 23.09%. Rather than the fuel type falling out of favour with customers, this may be due to the fact that many brands have abandoned the fuel type altogether. Our most popular brand, Porsche, no longer make diesel engines, and many hybrid powertrain brands prefer a petrol engine than a diesel one to assist the electric motors.
Finally electric power, which had seen a 30% increase in popularity from 2022 to 2023, has fallen in percentage share from 7.6% in that year to just 5.6% in 2024. With stricter targets for manufacturers to meet with their EV sales figures, the continually improving infrastructure and the increased taxation of combustion engines, you would expect the EV share to be increasing year on year. However, our customers preferences clearly favour petrol engines and are not in any rush to make the switch to electric power just yet.
Looking to 2025
With the approaching combustion engine ban and the increasingly strict ZEV Mandate targets for manufacturers you would expect to see a swing towards an increase in EV adoption for our customers. Not only that but for those looking to get a ‘good deal’ on their next car, it really is a ‘buyer’s market’ out there to make sure you get the most for your money with many manufacturers offering considerable discounts to try and tempt customers into their electric vehicles.
That would be the prediction on paper, but Oracle Car Finance customers are clearly showing they are in no rush to switch to EV’s any time soon. The increased number of sports and supercars, as well as luxury and performance SUV’s that our customers are funding, all of which favour the combustion engine in some shape or another, means that we are continuing to provide funding for more and more combustion engine cars. The introduction of more and more EV models, especially highly anticipated ones like the Range Rover and Range Rover Sport EV the Mercedes G-Class EV and the forthcoming Porsche Boxster/Cayman replacement, may be just the ticket to finally convince the buying public that it is time to switch to electric power.
With the finance industry under even more scrutiny than ever before, especially for dealership finance and the way they fund their networks, the amount you pay for your car finance is even more transparent than ever before. Not only that, but whilst many have bought vehicles over the past 18-24 months at the highest interest rates for many years, the fact that they are beginning to fall once again means now is the perfect time to consider reassessing your finance package.
Financing Your Car In 2025
Looking to purchase a car in 2025? 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 2,600 Trustpilot reviews and counting with an overall rating of 5.0 out of 5.0, and having funded over £2 billion and counting for our customers, 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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