A total of 52.1 percent of new cars were bought last year using
dealer motor finance, compared to just 45.8 percent in 2009,
according to the latest statistics from the Finance & Leasing
Association (FLA).
In 2010, half a million people used dealer finance to buy a new
car, and motor lenders provided £6.4 billion of funds. In the used
car market, motor finance helped 635,000 customers to buy a car,
with £5.9 billion in advances.
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FLA head of motor finance Paul Harrison said: “Overall, the
number of cars financed last year was up by 4 percent across all
markets, as buyers took advantage of the competitive deals on
offer. However, while dealers had a good year in 2010, they are
cautious about the future.
“We had previously forecast that the VAT rise in January might
lead to a rush of sales in December, as consumers tried to beat the
rise, as it did ahead of the VAT increase in January
2009. However, this did not happen. Consumer confidence is at
its lowest for around two years, and this is reflected in
December’s figures, which showed a fall in the total number of new
cars bought using dealer finance, while used car sales were
flat.”
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