Consumer new car finance grew by 7% to £878 million by value in November (55,941 units), according to the latest figures released by the Finance & Leasing Association (FLA).
The consumer used car finance market recorded another strong month, with volumes 18% higher than in November 2012 to £720 million by value (72,639 units).
Geraldine Kilkelly, FLA head of research and chief economist, said: “The consumer new car finance market has reported moderate growth in the last couple of months, with the annual percentage of private new car sales financed by FLA members falling slightly from a peak of 74.5% in August to 74% in November.
“Motor finance providers remain optimistic about growth in 2014, and the FLA’s most recent confidence survey shows that the majority of respondents expect new business growth of up to 10% over the next twelve months.”
The strong manufacturer offers are continuing into 2014, with Mazda recently announcing 0% deals on its Mazda6, but can dealers expect the same kind of support throughout the year as the European market starts to recover? Read AM's feature on the popularity of the PCP in the February print issue (out January 24).