AA Financial Services, the personal finance operation of the automotive body, has said the proportion of those purchasing a car who would opt for dealer finance has fallen to an "all-time low" of 14%, down from 17% in 2012.

Instead, the AA Car Purchase Index, comprised of an AA / Populus poll of 22,287 consumers in November 2012 and a survey of 17,883 AA members in December, has reported 52% of consumers would fund their next car purchase with money saved, up from a low of 39% in 2011.

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Those would take a personal loan, such as offered by AA Financial Services, has halved since 2009 to 10%.

The figures are at odds with those from the Finance & Leasing Association which has put the rolling figure of finance penetration at the forecourt for new car purchases at 71.2% in 2012. Richard Lawton, marketing manager at ReallyGoodDomains, which runs MainDealerOffers among other websites, has suggested the discrepancy is due to a lack of understanding of finance among consumers.

Registration March

With the March registration plate due at the end of the week, the AA and Populus survey also pointed to 45% of respondents having ‘no plans’ to buy a car, the highest proportion since 2009, and up from the low of 23% recorded in 2010.

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Just 3% of the total surveyed, or 22% of those respondents intending to buy, said they would purchase a new car.

Given the expectation voiced by CAP that the UK may see an influx of unsold new European stock from brands, and the raft of manufacturer deals being made available during the first quarter of 2013, Mark Huggins, director of AA Financial Services, said those consumers wishing to prioritise their finance would do better to wait rather than race to secure a new registration plate.

"I expect a lot of forecourt deals to be offered after the initial rush for the ’13’ plate," said Huggins. "Which means those who bide their time could make some decent savings."

Further data from the AA Car Purchase Index will be published in the March issue of Motor Finance magazine.

richard.brown@timetric.com