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FLA posts car finance figures for 2010

It’s almost that time of year again, the end of another 365 days; a time for partying, depression and new ventures. And in that retrospective way, the Finance & Leasing Association (FLA) has announced figures for new cars during the first six months of 2010 and apparently over 530,000 new cars were purchased during this period.

It’s almost that time of year again, the end of another 365 days; a time for partying, depression and new ventures. And in that retrospective way, the Finance & Leasing Association (FLA) has announced figures for new cars during the first six months of 2010 and apparently over 530,000 new cars were purchased during this period.

According to the FLA 49.4% of the cars were bought using car leasing, and it is estimated that 8 out of 10 of all new cars bought were through car finance. It’s good news for the finance industry and shows that the consumer is a lot more confident buying their car through car finance.

Simon Norman a representative from FinanceAcar.co.uk said: "This is an interesting development that has predominantly been driven by consumers wanting to save money. Depending on the vehicle, the monthly payment for car leasing can be as much as 50% cheaper per month than hire purchase or car loan repayments. The reason for this is that with car leasing consumers' monthly payments are calculated on how much the vehicle will depreciate across the car leasing contract. This is a much smaller amount than the figure used to calculate hire purchase repayments where the cost of the whole vehicle is taken into account."

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