Used car finance growth in July

New figures released by the Finance & Leasing Association (FLA) show growth of 18% in the number of consumer used cars bought on finance in July, compared to July 2012.

The rate of growth in the number of new cars bought on finance by consumers slowed slightly compared to recent months, but the number was still up 21% in July compared to the same month last year. FLA members' penetration of consumer new car registrations in the twelve months to July 2013 increased to 74.1% from 73.6% in June.
 
Commenting, Paul Harrison, Head of Motor Finance at the FLA said: "Customers are more confident now about making major purchases and there are some very competitive deals out there which support confidence. The continued growth in the used car market has been helped by the wider range of finance incentives that are offered and the improved availability of stock filtering down from a buoyant new car market."