Revealed: 2024’s Most Funded Vehicles
Now that we are now just over half-way through 2024, which itself seems like it has gone even quicker than usual, we thought what better time to see what are our most funded vehicles for the year so far. After the month in which we passed the milestone of providing £2billion worth of funding for our customers, and our customer reviews across Trustpilot and Google exceeded 2,500 reviews, it seems the perfect time to review exactly what our customers are funding and from which brands and fuel types so far in 2024.
Have Land Rover remained as our most funded brand after a couple of years being on the top spot? Is the Porsche 911 still our most funded model out of all the brands our customers are buying? Has the introduction of the ZEV Mandate and the increasing incentives offered by dealerships in an attempt to push electric car purchases meant that there has been an uplift in the number of electric vehicles being funded by our customers? It is interesting to see how these trends change year after year and how the impending combustion engine ban is affecting these trends, if at all.
Another factor potentially affecting what types of cars are being funded are the British populations’ favourite discussion point, the weather. Has the stalling of the summer weather meant that the number of sports cars, convertibles, supercars, or even convertible supercars being funded hasn’t been as popular as they might have been if we had just had a couple of months of heatwaves.
Read on to find out 2024’s most funded vehicles as we pass the half way point in the year:
Fuel Type
With well over 2,200 vehicles funded already this year it may be difficult to predict what will happen for the remaining half 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 by Oracle Finance customers lacking from any form of a combustion engine. Yet this year the electric vehicle percentage share currently stands at just 5.4%, a fall of just under 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 models, with 22 of each.
Whilst this may not necessarily show a trend that will remain for the rest of the year, it does conform to the belief the electric car market is not just stalling but amongst private purchasers is actually quite heavily 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.
With the drop in electric car funding our customers are requiring it means the number of combustion engine purchases are on the rise, particularly when it comes to petrol powered vehicle funding. In the whole of last year, 58.3% of vehicles we funded were petrol powered, that share of vehicles currently stands at 68.8%, a rise of almost 20% in 2024 so far. This leaves 25.8% of the share for Diesel powered vehicles, which itself is also in decline as that figure stood at almost 30% at the end of 2023. So not only are less people buying electric cars in general, they are also taking advantage of the fact that some of the greatest examples of combustion engine cars are still in production as manufacturers look to go out with a bang before their hands are forced into producing an EV only line up.
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.
Over 400 Porsche models have been funded thus far in 2024 alone, 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 has certainly had a strong first half of the year.
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. With Mercedes Benz and Audi making up the fourth and fifth most funded brands respectively. Together with Porsche, the four major German manufacturers are seeing more cars funded than ever before by our customers, more than 55% of all cars funded are from the big four German manufacturers.
Whether this is due to a decline thanks to the well discussed rising insurance costs in particular 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 certainly 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 40% of all Porsche models funded so far this year are a 911, with almost enough funded for one per day for every day in 2024. Ranging from brand new GT3 RS’s and Sport Classic models, to historic versions and rare and sought after models, the 911 firmly retains its top spot in our most funded model list. Interestingly enough for the manufacturer, almost 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 and the strength of the Porsche brand as a whole.
The number of Range Rover products funded in the first 6 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. Almost half of all the Land Rover products funded so far by Oracle Finance customers were either ‘full size’ Range Rover (82) or Range Rover Sport models (70), with both models comfortably exceeding the number of Defender, Discovery, Velar or Evoque models funded.
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, over a third are AMG models, of all the BMW models funded more than 30% are ‘M’ cars and over a third of all Audi vehicles funded are RS versions or R8’s. 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 over 40% more supercars (180) and convertibles (175) 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 and a Porsche Carrera GT. There are also a number of notable classic cars such as a Lister Knobbly, a Ferrari 246 Dino GTS, a Cooper T39 Coventry Climax, a Porsche 356B T6 Coupe as well as a Roadster, a first generation Mercedes Benz 280 SL and much more. At the other end of the spectrum there have also been some exciting firsts for brand new cars including two of the very first Ferrari Purosangue models in the country, one of the first Lamborghini Revuelto models and one of the first Aston Martin DB12’s to be delivered to customers.
What Does This Tell Us About 2024?
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 Oracle Finance customers. But what could be causing the decline in electric cars being funded? The sizable discounts at the dealerships and offers of free chargers certainly don’t seem to be enough to tempt at least our customers to make the switch. Perhaps the change in government can spur some life back in to the private electric car market in the form of some kind of incentives or plan to get motorists interested in making the switch to electric cars. Surely something needs to be done if the combustion engine ban is to remain in place over the next few years.
So what are the issues? 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 in the summer months, however their numbers do seem to be on the rise compared to previous years overall. 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.
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 so far this year, 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, instead seemingly spurring purchasers on just in case it is due to be discontinued in upcoming years.
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 since 2020, and having provided over £2 billion of vehicle funding 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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