The percentage of new cars bought in the past 12 months using finance has risen once more to 69.1% and accounted for 101,781 new and used registrations in August.
According to figures from the Finance & Leasing Association (FLA), the 12-month rolling penetration rate climbed 0.5 percentage points on last month’s record high of 68.6%, making August the 17th month in succession to post a rise since the figure of 54.2% in March 2011.
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While the volume of new cars sold on finance during the month was up 26% year-on-year to 34,119 units, the value of advances gained 34% to £462m.
Used car finance was also up 2% by volume to 67,622 units and up 5% by value to £623m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said new consumer finance had risen 26% by volume in the first eight months of the year and the Association expected "this market to continue to grow in the remaining months of 2012".
richard.brown@vrlfinancialnews.com
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