Sunday, December 19, 2010
Finance sales increase on used cars
The number of used cars sold on finance rose for the fourth consecutive month, according to new figures published by the Finance & Leasing Association (FLA).
Used car finance increased 7 per cent by value and 11 per cent by volume during the month compared to October 2009.
Meanwhile year-on-year sales of finance on new cars dropped 11 per cent in October as the new sales fell 22 per cent in the month. However, the FLA said over half of all new car sales were sold with dealer finance, the highest level July 2009.
“The continued revival of the used car market reflects a return to traditional buying habits as buyers look to manage their budgets by seeking out affordable cars and finance,” said Paul Harrison, FLA’s head of motor finance.
“Until recently there was a shortage of popular models of used cars and this drove up the price. The end of the scrappage scheme has led to a rebalance of supply and demand.”
DATED: 19.12.10
FEED: MT
