Graphic of sports carCar finance
providers are reporting increasing customer demand for high-value
vehicle finance, with specialist broker Oracle Finance reporting an
11% increase in prestige vehicle deals in 2010 compared to
2009.

Range Rovers alone were
behind 18 per cent of the introducer’s deals last year, with Audi
(14%), BMW (12%), Porsche (9%) and Aston Martin (9%) also
prominent.

Meanwhile, car finance
comparison site FinanceAcar claims that more than half of its
recent quote requests were for executive and luxury brands, with
most customers seeking finance for BMW, Volkswagen, Land Rover and
Audi models.

SMMT statistics reflect
increased interest in prestige and sports vehicles despite the
ongoing economic slump, with BMW and Audi sales up 10%, Volvo up
7.5%, and Land Rover up 27 per cent.

FinanceAcar’s Simon Norman
suggested delayed business renewals as a factor in the
surge.

He said: “In the lead up to
the new March plates, more than 50% of all new car enquiries on our
website relate to what can be considered upmarket
marques.

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By GlobalData

“This has in part been due to
businesses with a build-up of delayed renewals for their executive
cars now looking to update their vehicles.”

Relatively low depreciation
rates on luxury cars are also a factor in the levels of finance
interest being displayed by the market, according to Oracle
Finance.

Meanwhile, Sainsbury’s
Finance reported that 7.6m people were intending to buy a car
between September 2010 and February 2011, a 49% increase on the
same period the previous year.

Of these, 1.85m anticipated spending more than £10,000,
while 390,000 said they expected to pay more than £21,000 – much
more than the approximate average £12,000 cost of a new UK
car.