It’s time for this month’s car finance facts. We’ll take a look back at July and all the data from a busy month here at Creditplus. We’ll breakdown what cars have been selling, both at Creditplus and across the industry as a whole.
July was a busy month across the car finance industry with the SMMT announcing the figures for the first six months of the year. Car sales continue to rise, with the industry experience a record 29th consecutive month of growth. Take a look at the table below to see how it all breaks down.
The BMW 3 Series has finally been knocked off top spot. After three months, we have a new most popular car - the Vauxhall Corsa.
New car registrations rose 6.6% in July to 172,307 units. This marks the 29th consecutive month of growth, continuing the industry's record breaking success.
On average, our customers were 36 years old - one year younger than last month.
The average amount we loaned to our customers in July was £12,240.54.
Black was the most popular colour choice once again, making it a year of being the most chosen colour. In fact, double the amount of people chose black than the next most popular colour, white.
The average deposit put down by our customers for their car finance this month was £1,530.95.
The average loan term was 51 months.
Once again the Ford Fiesta is the most popular car in the UK. This month 8,854 Fiesta's were sold nationwide. In second place was the Ford Focus with 6,031, and the Vauxhall Corsa in third at 5,467.
Registrations for 2014-to-date reach 1,460,172 in July. That's a 10.1% increase on this time last year.
*Source: The Society of Motor Manufacturers and Traders – Motor Industry Facts 2014 That’s it for this month. Want to see how the trends for buying and financing cars have changed across the year? Take a look at the previous months info below. Car Finance Facts June Car Finance Facts May Car Finance Facts April Car Finance Facts March