Car Finance statistics United kingdom 2014 first six months.
The increase in United kingdom motor finance outstripped that of brand new vehicle registrations again in 06, as the actual quantity of brand new motor vehicles financed increased 9% year-on-year to a overall of 72,726 vehicles, in accordance with the most recent statistics from the Finance & Leasing Association (FLA). By comparison total brand new car registrations improved 6.2% in the same time period
In addition the penetration percentage rates throughout the motor finance sector increased again to 75.2%, from 75% in May, taking it to just under the record levels of 75.3%.
With regards to the worth of cars financed, the main difference from the year 2013 was stark. The marketplace increased 13% to the value of £1.1bn in June in comparison to the year before. This was in line with growth from prestige vehicle makers such as BMW, Mercedes and Audi, that added an average of over 10% in gross sales for June.
Quarterly development in financing as a result preserved its strength into the 2nd 1 / 4 of 2014 when compared to exact same time period the prior year. The quantity of brand new vehicles financed in the time period surpassed 210,000, up 7% year-on-year. The value of those cars financed was up 13% to a new total £3.3bn.
Financing for used vehicles increased at an even quicker pace than for brand new in June as financial institutions tapped into the opportunities increasing values within the pre-owned marketplace offered.
In June the value of the pre-owned car finance marketplaces increased 28% year-on-year to £909m, having a total of 90,367 cars funded (up 22%).
In the 2nd 1 / 4 of 2014 pre-owned vehicle financing from FLA paid members totalled £2.7bn, an increase of 21% on the 12 months before, with a 14% increase in the quantity of vehicles financed to a total of just below 270,thousand vehicles for the 1 / 4. This particular total was greater than had been financed within the brand new vehicle marketplaces (211,179) for the same period.
Along with the June increase in pre-owned vehicle finance, FLA members for the twelve months to the end of June had funded slightly below one million cars.
Geraldine Kilkelly, head of statistics and chief economist at the FLA stated: "The 1st 1 / 2 of 2014 has seen solid performances both in the customer used and new motor finance sectors. The last six months also have seen the actual FLA's penetration rate maintained at about 3 quarters of all personal brand new car or truck sales in the united kingdom which shows how well-liked point-of-sale financing is with brand new car purchasers."