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16/12/2009
Motor Finance Growth Cautiously Welcomed
New motor finance statistics have shown a strong demand from consumers for new cars, according to Finance & Leasing Association (FLA).
But motor finance providers have remained cautious about the prospects for 2010 as the UK slowly recovers from recession.
In October, the number of new cars bought by consumers using forecourt finance was up 18%, compared with the same time last year.
Demand for new car finance was particularly weak during the final months of 2008, and car buyers are this year taking advantage of the reduced VAT rate as well as the attractive finance options available in dealerships.
The FLA expects new car finance to perform well in the last two months of the year ahead of the return to a higher VAT rate in January.
The consumer used car finance market continues to contract, falling 14% by volume in October compared with the same month a year ago.
Overall, in the 12 months to October new and used car finance volumes fell 21% and 13% respectively, compared with the same period in 2008.
Paul Harrison, Head of Motor Finance, said that while recent growth in new car finance is welcome, the withdrawal of government incentives in 2010 – in particular, the 15% VAT rate – will affect demand.
"The end of the scrappage scheme may also mean a return to more traditional buying behaviour in the new and used car markets," he said.
"Wholesale finance remains expensive and we shall be closely monitoring how this impacts on the motor finance market in 2010. We hope to see positive results from the government’s efforts to improve the wholesale market."
(PR/KMcA)
But motor finance providers have remained cautious about the prospects for 2010 as the UK slowly recovers from recession.
In October, the number of new cars bought by consumers using forecourt finance was up 18%, compared with the same time last year.
Demand for new car finance was particularly weak during the final months of 2008, and car buyers are this year taking advantage of the reduced VAT rate as well as the attractive finance options available in dealerships.
The FLA expects new car finance to perform well in the last two months of the year ahead of the return to a higher VAT rate in January.
The consumer used car finance market continues to contract, falling 14% by volume in October compared with the same month a year ago.
Overall, in the 12 months to October new and used car finance volumes fell 21% and 13% respectively, compared with the same period in 2008.
Paul Harrison, Head of Motor Finance, said that while recent growth in new car finance is welcome, the withdrawal of government incentives in 2010 – in particular, the 15% VAT rate – will affect demand.
"The end of the scrappage scheme may also mean a return to more traditional buying behaviour in the new and used car markets," he said.
"Wholesale finance remains expensive and we shall be closely monitoring how this impacts on the motor finance market in 2010. We hope to see positive results from the government’s efforts to improve the wholesale market."
(PR/KMcA)
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20 January 2010
Forecourt Finance End Of Year Jump
Motorists buying new cars in November bought 82% more cars using dealer finance than in the same month a year earlier, according to new statistics released today by the Finance & Leasing Association. In a race to beat the VAT rise, new car buyers took out motor finance deals worth more than half a billion pounds in November.
Forecourt Finance End Of Year Jump
Motorists buying new cars in November bought 82% more cars using dealer finance than in the same month a year earlier, according to new statistics released today by the Finance & Leasing Association. In a race to beat the VAT rise, new car buyers took out motor finance deals worth more than half a billion pounds in November.
16 February 2010
Warning On Used Car Fraud
As the Finance & Leasing Association (FLA) reports an increase in people fraudulently selling cars they do not own – otherwise known as conversion fraud - HPI has warned car buyers that if they purchase a vehicle on outstanding finance, they stand to lose both the car and the money they paid for it.
Warning On Used Car Fraud
As the Finance & Leasing Association (FLA) reports an increase in people fraudulently selling cars they do not own – otherwise known as conversion fraud - HPI has warned car buyers that if they purchase a vehicle on outstanding finance, they stand to lose both the car and the money they paid for it.
22 February 2010
Zero Finance On Honda Jazz
Honda (UK) has re-launched its popular 0% APR finance offer on Jazz to help customers make the most of the last month of the Scrappage Scheme. The much-loved Jazz supermini, which is now built at Honda’s factory in Swindon, has been Honda’s biggest seller via the Scrappage Scheme, with over 7,300 cars sold so far.
Zero Finance On Honda Jazz
Honda (UK) has re-launched its popular 0% APR finance offer on Jazz to help customers make the most of the last month of the Scrappage Scheme. The much-loved Jazz supermini, which is now built at Honda’s factory in Swindon, has been Honda’s biggest seller via the Scrappage Scheme, with over 7,300 cars sold so far.
02 March 2010
Flextreme GT/E Concept Car
This one of the first official images of Vauxhall’s stunning Flextreme GT/E concept car, which will be revealed at the Geneva Motor Show today. In Vauxhall’s commitment to achieving power without the need for fossil fuels, electricity plays a key role, and the 4.
Flextreme GT/E Concept Car
This one of the first official images of Vauxhall’s stunning Flextreme GT/E concept car, which will be revealed at the Geneva Motor Show today. In Vauxhall’s commitment to achieving power without the need for fossil fuels, electricity plays a key role, and the 4.
14 December 2009
FLAG Secures Seat Auction Deal
Seat UK has agreed a major used car auction deal with Leicestershire-based Fleet Auction Group (FLAG). The move will see the firm take on more responsibility for remarketing the Spanish brand's vehicles via its trade-only auctions. The new arrangement with Seat builds on a 50/50 auction contract FLAG previously shared with Manheim.
FLAG Secures Seat Auction Deal
Seat UK has agreed a major used car auction deal with Leicestershire-based Fleet Auction Group (FLAG). The move will see the firm take on more responsibility for remarketing the Spanish brand's vehicles via its trade-only auctions. The new arrangement with Seat builds on a 50/50 auction contract FLAG previously shared with Manheim.
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Northern Ireland WeatherThis Evening and Tonight:A fine end to the day with sunny then clear skies but some low cloud and fog forming, especially in the east overnight. Winds will be light. Minimum temperature 8 °C.
