Car finance providers are reporting increasing customer demand
for high-value vehicle finance, with specialist broker Oracle
Finance reporting an 11 percent 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 percent), BMW (12 percent), Porsche
(9 percent) and Aston Martin (9 percent) also prominent.

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Meanwhile, car finance comparison site FinanceAcar claims that
more than half 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 percent, Volvo up 7.5 percent, and Land Rover up
27 per cent.

FinanceAcar’s Simon Norman suggested delayed business renewals
as a factor in the surge, commenting: “In the lead up to the new
March plates, more than 50 percent of all new car enquiries on our
website relate to what can be considered upmarket marques. 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.

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Meanwhile, Sainsbury’s Finance reported that 7.6 million people
were intending to buy a car between September 2010 and February
2011, a 49 percent increase on the same period the previous year.
Of these, 1.85 million 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.