Two-thirds (66.6%) of new cars bought at
retail by private consumers were purchased on finance in the 12
months to April,
up from 65.9% in March, according to the Finance & Leasing
Association.
March, in turn, saw a rise from
64.5% finance penetration for new cars in the year to February,
up from 63.5% in January, and so on, stretching back to the last
dip in the trend recorded in February 2011.
Go deeper with GlobalData
Year-on-year, April saw 41% growth in the
value of private new car finance, to £709m, and 29% growth in
volume to 49,709 units. Value also grew by more than volume in new
car finance in the three months to April – value up 34%, volume up
23% – and the12 months to April, up 17% and 11% respectively, all
compared to the relevant periods of the previous year.
The value of consumer used car finance also
rose in April, by 12%, with £600m lent, while volume rose by 17% to
66,240 units. As opposed to new, consumer used car finance saw
volume rise faster than value in the three-month and 12-month
periods to April.
Hire purchase accounted for 64.6% of all used
car finance taken by consumers in the 12 months to April, ahead of
PCP (20.8%), unsecured personal loans (14.3%) and leases
(0.3%).
Full statistics from the Finance & Leasing Association
and analysis will be published in the
June issue of
Motor Finance
magazine.
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 GlobalDatarichard.brown@vrlfinancialnews.com
