Sales of used car finance slump 23 per cent

Mon, 19 Oct 2009



According to recent reports from the Finance and Leasing Association, sales of used vehicles fell by some 23% during August. Sales of new vehicles purchased by consumers using dealer car finance were reported to have grown last week, the first increase since July 2008.

However, despite the positive reports, the true state of the car market remains fragile. Wholesale funding costs make the business extremely tight for car dealers, and the FLA are desperately seeking assistance from the government. Politicians are in discussion with the European Commission regarding a guarantee scheme .

Experts at the FLA called for the Government to ease the pressure on the car industry, and stressed just how important car companies and car finance was for the wide economy. The long-term health and stability of the industry is essential for an economic recovery, the FSA claimed.
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