Two-thirds (66.6%) of new cars bought at
retail by private consumers were purchased on finance in the 12
months to April,
up from 65.9% in March, according to the Finance & Leasing
Association.
March, in turn, saw a rise from
64.5% finance penetration for new cars in the year to February,
up from 63.5% in January, and so on, stretching back to the last
dip in the trend recorded in February 2011.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Year-on-year, April saw 41% growth in the
value of private new car finance, to £709m, and 29% growth in
volume to 49,709 units. Value also grew by more than volume in new
car finance in the three months to April – value up 34%, volume up
23% – and the12 months to April, up 17% and 11% respectively, all
compared to the relevant periods of the previous year.
The value of consumer used car finance also
rose in April, by 12%, with £600m lent, while volume rose by 17% to
66,240 units. As opposed to new, consumer used car finance saw
volume rise faster than value in the three-month and 12-month
periods to April.
Hire purchase accounted for 64.6% of all used
car finance taken by consumers in the 12 months to April, ahead of
PCP (20.8%), unsecured personal loans (14.3%) and leases
(0.3%).
Full statistics from the Finance & Leasing Association
and analysis will be published in the
June issue of
Motor Finance
magazine.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDatarichard.brown@vrlfinancialnews.com
