By John Simpson 17 May 2012
The number of new cars sold on finance in March rose by more than a fifth (22%) amongst consumers keen to get in on the 12-plate action, compared to the previous March.
Figures from the Finance & Leasing Association (FLA) indicate that the value of new car finance sales also rose by a third when placed next to how March 2011 played out.
This means that finance bought by consumers in dealer showrooms made up almost two thirds (65.9%) of all private new car sales in the 12 months before April 1, 2012, compared with 56.6% of sales in the 12 months prior to April 2011.
Focussing on finance sold to businesses made for less interesting reading. The number of new cars snapped up by businesses using finance in March 2012 rose a sloth-like 1% on the previous March to 42,418. New car sales to businesses for the first three months sat at 93,107, 7% more than the same period in 2011.
Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, commented: “The strong new and used car finance growth figures in the important month of March are good news for the UK motor industry.
“This year the number of new cars sold is 22% higher than last year, which shows that forecourt finance continues to be extremely popular. Motor finance allows customers to negotiate a flexible finance package to suit their budget.
“Personal contract purchase (PCP) remains the most popular with new car buyers. Encouragingly, used car finance has also performed well, with the number of financed cars sold up by 9% in the first quarter of this year.”
Categories:Fleet news , FLA
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