3:50 pm, April 12, 2011
The number of new cars bought on finance was down by 14 per cent in February 2011 says the FLA.
The latest figures from the Finance & Leasing Association, the trade body for the motor finance industry, revealed that consumers buying cars on finance fell by 14 per cent in February compared to the same month last year.
Business investment in new fleet vehicles was also down, falling 16 per cent, and used car sales on finance were flat in February compared to the same month last year.
Commenting on February’s motor finance figures, Paul Harrison, head of motor finance, said:
‘January was an unexpectedly strong month for car finance sales, as dealerships offered good deals on interest rates to help buyers offset the impact of the VAT rise to 20 per cent.
‘February is traditionally a slower month for dealerships, as people thinking about buying a new car may want to wait until March for the new plates.’
