Car buyers are primarily
focused on getting a good deal on finance rather than ownership,
according to the Finance & Leasing Association
(FLA).
The FLA’s latest statistics
show a shift in customer choice. In April, new car leasing and
personal contract purchase (PCP), where the car remains the
property of the finance company, were up by 41% and 10%
respectively.
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In contrast, hire purchase
was down by 31%. Leasing and PCP together made up 70% of finance
provided for new cars bought through dealerships in
April.
The number of car buyers
choosing to get finance through a dealer reached a two-year high,
with 55% in the last 12 months choosing the option.
FLA head of Motor Finance Paul Harrison said: “Car buying
behaviour is changing. Motorists looking for a new model do not
always want to be tied into an agreement to buy.”
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By GlobalData
