January saw a 24% year-on-year increase in the
number of new cars purchased on finance by consumers, reaching
33,271 vehicles, in what the Finance & Leasing Association
(FLA) is calling a “surprise leap”.
The value of advances written on new cars in
January 2012 was 42% up on the previous year at £459m. Over the
three months to January, 104,721 new and 168,365 used cars were
sold, each a rise of 9% on the same period the previous year.
Go deeper with GlobalData
The total value of advances on new cars for
those months was £1.48bn, up 17%, and £1.53bn for used cars, up
6%.
The news will come as a boost to the
positive prediction for March from the Society of Motor
Manufacturers and Traders and those already hoping for resurgent
new car registrations with the availability of the new 12
plate.
The FLA attributes the rise, from 26,831
new-car finance deals in January 2011, to lenders’ offers including
the prevalence of 0% interest and reduced deposit requirements.
The percentage of new registrations sold on
finance through dealerships for the 12 months to January was
63.25%, beating the 62.9% sold across 2011, which
the FLA has already called a “record year”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe biggest rise in January was in used cars
purchased by businesses, rising 48% compared to the 2011 figure to
reach 3,924 registrations, and rising 38% in the three months to
January to 13,185.
richard.brown@vrlfinancialnews.com
