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Car finance facts May 2015

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Welcome to the Creditplus car finance facts – an inside look at what’s going on across the car and car finance industry. Which car was most popular? What colours are people choosing? Read on for all this information and more.

May was another good month for the automotive industry in the UK. Growth hit the 39th month of continuous growth. Car production for 2015 crossed the 500,000 mark by the end of April, a figure announced at the end of May. It wasn’t just good news in the UK. Europe also saw new car registrations hit a six year high, with 1,166,482 new passenger cars registered in April. This is a good sign for the UK’s car manufacturing industry, where over 74% of cars built exported overseas.

Here are this month’s key facts and stats.

BMW 3 Series

The number one most popular car here at Creditplus was the BMW 3 Series. A regular at the top of our charts, the 3 series is a fantastic and affordable executive saloon. In second place was the Nissan Qashqai, with the Vauxhall Astra in third.

2.4%

New car registrations were up by 2.4% from the same time period last year. 198,706 new cars were sold or financed. We are now entering the 39th month of growth in the automotive sector. More than 1,000,000 cars have been registered in 2015.

37

On average, our customers were 37 years old. We provide finance for customers of all ages, from new professionals to recently retired, so it's interesting to see the average age right in the middle of our customer age range.

£11,569.87

We loaned an average of £11,569.87 to our customers in May.

Black

Black is always the most popular colour choice month on month. White (the most popular colour in the UK) was second, with silver third. Least popular colours this month were green, orange and gold.

£1,641.24

Average deposit last month was £1,641.24. Our minimum deposit is £300, but a larger amount can reduce the overall cost of car finance. Good to see our customers seem to be taking advantage of this.

52

The average loan term was 52 months.

Ford Fiesta

Outside of Creditplus, the Ford Fiesta once again leads the way, with 9,349 sold across the UK. The Ford focus was second with 7,355 sold, with the Vauxhall Corsa in third with 6,513.

1,119,072

Registrations for 2015-to-date reached 1,119,072 in May. Up 5.7% from this time last year. Whilst growth has slowed slightly after the new number plate spike, the numbers are still ridiculously healthy.

*Source: The Society of Motor Manufacturers and Traders – Motor Industry Facts 2015

If you are considering the purchase of a new car, why not see if you can get a fantastic car finance deal with Creditplus? Simply complete our 2 minute online car finance application form and we’ll get you behind the wheel of a fantastic new car.

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