There’s a sub-prime crisis brewing on the roads. The car industry has driven the UK’s recovery from the 2008 financial collapse – but will it cause the next one?
Cars have helped drive the UK’s recovery since the 2008 financial crash. British factories are today making more cars than at any time this century, and consumers are buying more of them than at any time in history. The question, though, is whether cars, and the way we buy them, will be the cause of Britain’s next financial crisis.
Related: A booming British car industry signals the route to prosperity | Ian Birrell
For many people with poor credit records, a PCP is likely to be the only way they can borrow a sizable sum of money