According to Barclays, the number of companies which have acquired cars across all sectors of industry has risen from 44% to 60% this year. But the survey found that only 35% of companies buying cars had used longer term forms for finance such as contract hire, leasing or hire purchase arrangements - down a massive 14% on last year.

According to the study, 49% of companies questioned used cash to purchase their cars, 35% used some form of leasing or contract hire and 14% used a bank overdraft - up 8% on last year. Based on telephone interviews with more than 200 company directors during June, the research predicts a modest recovery in the contract hire and leasing market next year.