Growth in the number of new cars bought on consumer finance this year has continued to pick up pace.
The latest figures from the Finance & Leasing Association (FLA) show a 15 per cent rise for June compared to the same month in 2014, the strongest growth recorded this year. The same study revealed that for the 12 months to the end of June this year over 78 per cent of private new car sales were financed by FLA members, a new record high. Consumer used car finance is also benefitting from growth, up by 7 per cent in June.
In a sign of increased confidence, many businesses have switched from buying used vehicles on finance to buying new. For the 12 months to the end of June there was a 23 per cent dip in the number of used cars bought on finance by businesses, but this was outweighed by a 25 per cent leap in the number of new cars purchased by business buyers using the same method.
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