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20/01/2010
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.
Overall, in the 12 months to November, 45.8% of all private new car sales were financed through dealerships.
A further indication of new-found consumer confidence was that motor finance providers reported the first growth in the number of used or second-hand cars bought using dealer finance since March 2009.
In November, consumers bought 4% more used cars this way than in the same month a year earlier.
Commenting on November’s motor finance figures, Geraldine Kilkelly, Head of Research and Chief Economist, said: "Today’s figures are encouraging, especially as there was also growth in the used car market. Buying a new car is a sign of consumer confidence, as replacing an older car is usually a discretionary, rather than an essential purchase.
"But the rise of 82% in November needs to be treated with some caution because it compares last November with November 2008, which was the height of the slump in business volumes.
"In November 2008 22,402 new cars were bought by consumers using dealer finance, which was 40% down on November 2007," she said.
"We expect December’s new car finance figures also to show strong growth as consumers scramble to beat the VAT increase."
(PR/GK)
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.
Overall, in the 12 months to November, 45.8% of all private new car sales were financed through dealerships.
A further indication of new-found consumer confidence was that motor finance providers reported the first growth in the number of used or second-hand cars bought using dealer finance since March 2009.
In November, consumers bought 4% more used cars this way than in the same month a year earlier.
Commenting on November’s motor finance figures, Geraldine Kilkelly, Head of Research and Chief Economist, said: "Today’s figures are encouraging, especially as there was also growth in the used car market. Buying a new car is a sign of consumer confidence, as replacing an older car is usually a discretionary, rather than an essential purchase.
"But the rise of 82% in November needs to be treated with some caution because it compares last November with November 2008, which was the height of the slump in business volumes.
"In November 2008 22,402 new cars were bought by consumers using dealer finance, which was 40% down on November 2007," she said.
"We expect December’s new car finance figures also to show strong growth as consumers scramble to beat the VAT increase."
(PR/GK)
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16 December 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.
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.
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.
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.
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.
31 March 2010
Drivers Want Scrappage Scheme To Continue
As the government’s ‘scrappage scheme’ comes to an end, nearly two thirds of Britons say they want it to continue, reveals Carmony.co.uk. Leading used car website Carmony.co.
Drivers Want Scrappage Scheme To Continue
As the government’s ‘scrappage scheme’ comes to an end, nearly two thirds of Britons say they want it to continue, reveals Carmony.co.uk. Leading used car website Carmony.co.
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Northern Ireland WeatherToday:Overcast skies and light rain continue through the morning. The afternoon will soon become mainly dry with bright or clear spells spreading east from shortly after midday. Maximum temperature 12 °C.Tonight:There is the chance of the odd evening shower, otherwise the night will stay mainly dry with clear spells and the odd fog patch developing later. Minimum temperature 4 °C.
