Fleet News

New car finance goes up by 7%

NEW car finance grew by 7% in the three months to May indicating business and consumer confidence in Labour and the economy, according to the Finance & Leasing Association. Total new car finance in May was £854 million with the three months to May totalling £2,539 million, according to figures released on Monday.

Used car finance for the same periods were £586 million and £1,828 million respectively with growth remaining steady at 12% despite being down on 1996's overall 16% growth rate.

Businesses and the private buyer are unphased by the election and feel comfortable with committing to large value purchases such as cars.'

Business spending on new cars in May rose 7% to £515 million (May 1996: £481 million), while business spending on new cars increased 10% to £122 million (£111 million).

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