Welcome to this month’s car finance facts, a look back at the car finance trends for March 2015. The new number plate meant a bumper month for car sales in the UK, with the industry hitting its 37th consecutive month of growth. The car business is booming. Find out more below.
As seen in our recent news post, March was an extremely good month for the UK car industry, with 492,774 new cars registered in total. It was also a fantastic month for Creditplus, which continues to see more and more customers finding the right finance package for their new car.
The number one most popular car here at Creditplus was the Ford Focus. The third most popular car in the UK, it tops the Creditplus chart for the first time this year. In second place was the Vauxhall Insignia, with the Nissan Qashqai in third.
New car registrations were up by 6.0% from the same time period last year. 492,774 new cars were sold or financed. This is the 37th month of consecutive growth and the highest number of cars sold in March since the switch to the twice yearly number plate change.
On average, our customers were 37 years old. The average age continues to be right in the middle of those eligible for car finance. We can provide car finance from anyone aged 18 to retirement, although we have options for retired people.
We loaned an average of £12,853.92 to our customers in March.
Black is always the most popular colour choice month on month. Least popular colours this month were orange, brown and bronze.
Average deposit last month was £1,260.65. Our minimum deposit is £300, so its good to see customers depositing more, saving them money in the long run.
The average loan term was 53 months.
Outside of Creditplus, the Ford Fiesta once again leads the way. To see just how much of an affect the number plate change has, last month just 4,096 were sold. The Vauxhall Corsa was second with 19,391 sold, with the Ford Focus in third with 15,442.
Registrations for 2015-to-date reached 734,588 in March. Up 6.8% from this time last year. March normally accounts for almost a fifth of the year's total car sales, pointing towards another massive 2015 for the car industry.
*Source: The Society of Motor Manufacturers and Traders – Motor Industry Facts 2015 Thinking of buying a new car? Creditplus compare over 90 lending options to find the best car finance deal based on your personal circumstances. Just complete our 2 minute online car finance application form and start on the road to your new car.