Industry watchers have already identified the recession-driven delay in sourcing new cars as the reason behind the increase in MoT failure rates.

Houlston added: “The need to continue to replace business-critical assets in a difficult economic environment has led to some looking outside of their current methods. Many are now realising the benefits that asset-based lending, fleet managing and outsourced service provision can bring to their business.”

He believes fleet managers are also now more aware of the risks of buying and owning vehicles themselves, particularly in light of recent fluctuations in used vehicle market, and that is also encouraging them to consider alternatives.

FLA figures also reveal a move towards greater use of hire purchase using an asset finance deal on commercial vehicles. In May 61% of CVs were bought this way, while 36% were leased. Twelve months ago the totals were 57% and 41% respectively.

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