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Number of cars bought on finance grows by six per cent

Number of cars bought on finance grows by six per cent

twenty9FIGURES just released by the Finance & Leasing Association show the number of new cars bought on finance provided through dealerships grew six per cent in May, compared with the same month a year earlier.

Average advances to consumers for new car purchases were up four per cent in May to £16,500 compared with May 2014.

As a result, the percentage of private new car sales financed by FLA members through dealerships reached 77.6 per cent in the 12 months to May 2015, a record high.

The point-of-sale consumer used car finance market also showed continued growth, with new business up eight per cent by value and three per cent by volume in May compared with May 2014.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘Growth in point-of-sale consumer car finance in 2015 so far has continued in line with expectations.

‘Recent research by Oxford Economics showed the importance of FLA motor finance providers to the UK economy, funding more than 57 per cent of all consumer spending on cars in 2014, up from 35 per cent in 2007.’

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