April sees continued steady growth in consumer vehicle finance
More good news for consumer vehicle financing was recently reported. The amount of cars bought on finance has seen continued steady growth. Figures released last week by the Finance & Leasing Association (FLA) show a growth of 4% in consumer new car finance volumes during April, compared with the same month last year. The used car finance market reported 9% growth in new business volumes over the same period. See the official FLA tables, with more details, below:
Geraldine Kilkelly, Head of Research and Chief Economist, said:
“April was a quieter month for the car finance market following a strong performance in March. Consumer car finance growth remained robust, with volumes 19% higher in the first four months of 2014 than in the same period last year.
“FLA motor finance providers are optimistic about future growth prospects. The Q2 2014 Retail Motor Finance Survey results showed that more than 60% of respondents expected new business growth in excess of 10% in each of the new car, used car and light commercial vehicle finance markets over the next year.”
For more in depth motor financing facts and figure, please visit the FLA website, here.
Has the recent report inspired you to look for a new van or car? You can find great competitive finance deals on a wide selection of new vans and cars to lease or contract hire at Low Cost Vans.
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
Apr-14 | % | 3 | % | 12 | % | |
| New cars | ||||||
| Value of advances (£m) | 1,073 | +10 | 4,092 | +22 | 12,942 | +25 |
| Number of cars | 69,030 | +4 | 266,000 | +17 | 847,047 | +18 |
| Used cars | ||||||
| Value of advances (£m) | 893 | +17 | 2,685 | +26 | 9,558 | +26 |
| Number of cars | 88,741 | +9 | 268,213 | +18 | 975,164 | +20 |
| Table 2: Cars bought on finance by businesses | ||||||
Apr-14 | % | 3 | % | 12 | % | |
| New cars | ||||||
| Number of cars | 38,634 | -10 | 110,610 | +10 | 416,224 | +4 |
| Used cars | ||||||
| Number of cars | 4,316 | -9 | 9,803 | -54 | 46,784 | -37 |
Geraldine Kilkelly, Head of Research and Chief Economist, said:
“April was a quieter month for the car finance market following a strong performance in March. Consumer car finance growth remained robust, with volumes 19% higher in the first four months of 2014 than in the same period last year.
“FLA motor finance providers are optimistic about future growth prospects. The Q2 2014 Retail Motor Finance Survey results showed that more than 60% of respondents expected new business growth in excess of 10% in each of the new car, used car and light commercial vehicle finance markets over the next year.”
For more in depth motor financing facts and figure, please visit the FLA website, here.
Has the recent report inspired you to look for a new van or car? You can find great competitive finance deals on a wide selection of new vans and cars to lease or contract hire at Low Cost Vans.
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