There were 59,983 new cars sold to consumers on finance in November 2014, 7% more than the amount sold in the same month 2013, according to figures released by the Finance & Leasing Association (FLA).
The total value of the advances for this segment grew at a rate of 10% over the same period, and was worth £965m in the month.
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The number of used cars sold on finance was up 5% year-on-year in November, to 76,572. The FLA described this growth as ‘modest’. This finance was worth £806m, 11% more than the value of advances for used cars in November 2013.
Both the number of used and new cars sold on finance experienced double digit growth for the 12 month period to November, at 13% an 15%, respectively.
The value of advances for new cars in this period was £13,963m, up 18% year-on-year, while it was £10,542m for used cars, up 22% year-on-year.
Geraldine Kilkelly, head of research and chief economist at the FLA said: "Car finance provided through dealerships is popular with consumers because of the range of finance products on offer. Personal Contract Purchase (PCP) has become a popular choice for many consumers, reflecting a change in attitudes to car ownership. But many customers still want to own their car outright and as a result we have also seen growth in hire purchase over the last year."
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By GlobalData
