Cars Are More Affordable Than Ever Says Mini Report

Tue 10th Dec 2019

Sixty years after the very first Mini hit the production line, the company who now builds the iconic car has released research which suggests buying a car is easier than ever.

According to Mini’s study, the cost of a car today compared to the average disposable income is a lot lower than it was at the end of the 1950s, and even though car prices are 32 times higher than they were in 1959 the purchase of a car does not make a huge impact.

A Mini was priced at just £500 on launch, and even though it was £300 cheaper than the average price of a new car, the cost of purchasing a motor was still prohibitive due to the lack of disposable income.

By studying data from the Office of National Statistics and using its own financial data, Mini has calculated that the cost of a car in 1959 was 300 per cent of the average annual UK disposable income, dropping to 150 per cent in the 1980s and now at its lowest ever figure of just 88 per cent.

Phil Kerry, sales and marketing director at BMW Group Financial Services said: “Over the past 60 years, how we buy and finance Minis has evolved just as much as the cars themselves. 

“Motorists now have more choice, and this will only increase over the next few decades.

“Our research shows that the car showroom and retailer will still be crucial in how motorists will buy Minis, and act in more of an advisory role, as consumer expectations and attitudes change.”