The overall penetration for members of the Finance & Leasing Association (FLA) of finance in new cars bought through dealerships hit 71.6% over the 12 months to January 2013, according to the FLA.
A total of £9.56bn, up 35% year-on-year, was advanced on 671,449 new cars, an increase of 27% on the previous 12 months. The figure for used cars was up 8% to £7.33bn on 791,832 vehicles, 7% above the previous used car total. The rolling 12-monthly penetration figure set yet another all-time high, up from 71.2% for the final month of 2012.
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Year-on-year, January saw new car finance rise 32% by value to £613m and 28% by volume to 43,715 cars while used car finance increased 12% value to £658m and 6% by volume to 70,905 cars.
The three-months to 31 January recorded just over £2bn of finance agreed on 136,288 new cars, up 34% and 29% year-on-year, respectively. Over the same period, finance for used cars was up 12% to £1.71bn, agreed on 179,816 vehicles, up 7% on the previous year.
richard.brown@timetric.com
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