FLA report 17% jump in PCP deals
There has been a significant leap in the number of cars being acquired through Personal Contract Purchase, according to the Finance and Leasing Association.
Latest figures from the FLA report a 17% increase in the use of PCP over the past year, in comparison to the 12 months prior, suggesting that the method is proving effective in enticing new and used car buyers.
Hire purchase remains the most common route, making up 65% of finance on used cars while PCP took 20%.
Through July, the overall sales of used cars obtained via finance was up by 4% on the previous July; an increase which summed up the year said Paul Harrison, the FLA’s Head of Motor Finance.
“Dealers and finance companies are using innovative products and incentives to provide consumers with good deals,” he commented.
“Customers are increasingly drawn to the lower prices of the used car market and are seeking finance that is affordable and flexible enough to fit their budgets, while still allowing them to buy the car of their choice.”
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