Motor finance achieved its highest
recorded share of the new car sales market in August. In the past
12 months, almost 58% of new car buyers did so using forecourt
finance, according to the latest statistics from the Finance &
Leasing Association.
The number of new cars bought by
consumers on finance was up by 17% in August, and the number of
used cars was up by 8%, compared to August last year.
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However, the number of new cars bought
on finance by businesses was down 6% compared to August last year
and the number of used cars was down by 19%.
In the new car market, sales followed
the recent trends with increases in leasing, which was up by 38% in
August, and personal contract purchase, which was up by 24%
compared with the year before. Both of these finance products also
saw rises in the used car market.
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By GlobalData
