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Motor finance market share hits new high

Motor finance achieved its highest recorded share of the private new car sales market for four years in August.

In the last 12 months, 57.9% of people buying new cars used forecourt finance, according to the latest figures from the Finance & Leasing Association (FLA), the trade body for the motor finance industry.

The number of new cars bought on finance was up by 17% in August, and the number of used cars was up by 8%, compared with August last year.

In the new car market the recent sales trends continued. Leasing was up by 38% and personal contract purchase (PCP) by 24% compared with the year before. Use of both forms of credit rose in the used car market.

Paul Harrison, head of motor finance at the FLA, said: “These figures show that forecourt finance continues to be extremely popular. Motor finance has an edge over other purchasing options in current economic conditions as customers are able to negotiate a finance package to suit their budget, whether it is a leasing, PCP, hire purchase or a loan agreement.”

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