PCP and Hire Purchase both showed strong growth in new and used car sales during May according to our Finance Data here at enquiryMAX
The Finance Data indicates a 37% increase in PCP and a 34% in hire purchase on the same month last year. Contract Hire continued its strong growth in 2018 with a 27% rise.
Commenting on the trend, David Boyce managing director of enquiryMAX said: “The second quarter of the year is seeing demand strengthen over the same period in 2017. While trading continues to be tough, it is clear that finance is a key part of the retail mix and understanding the customer’s requirements is key to closing the deal with the appropriate funding.”
The data shows an increase in used car sales of 8% against a small decline of 4% in April against the same months in 2017.
The data, from over 700 dealers also showed the average part exchange value has increased from £8,960 to £9,237.
The average sale price of a used car increased from £20,497 in 2017 to £21,008 in 2018. The sales window continues to shorten with a 76% rise in the number of sales closing on the first day.
Find out more about our data trends and news here