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Creditplus Car Finance Facts - October 2014

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Creditplus car finance facts: A look back at the cars we financed last month here at Creditplus. We look at the most popular model, average loan amount, and also trends across the car industry as a whole.

October was a busy month at Creditplus, with the new number plate introduced in September starting to show its effect. As well as the new number plate, there was also the changes to the car tax discs to contend with. Thankfully this didn’t seem to affect car buyers too much. As we approach the Christmas period, 2014 continues to be the strongest since before the economic crash. Positive signs for the car finance industry and economy as a whole.

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In the meantime, here are the finance facts from last month.

Ford Fiesta

After missing out on top spot in September, the Ford Fiesta returns to number one as our most popular car last month. Last month's number one the Vauxhall Astra falls to third, behind the BMW 3 Series in second.

14.2%

New car registrations grew by 14.2% for the month of October from the same time last year. 179,714 new cars sold, marking the 32nd consecutive month of growth.

36

On average, our customers were 36 years old. Across the year, the age has averaged around 36 and 37.

£11,226.81

On average we loaned £11,226.81 to our customers in October.

Black

"Does it come in black?" Yes, once again the most popular colour was black, almost double the next most popular colour, white.

£1,187.65

Average deposit last month was £1,187.65. This has declined over the past few months, showing that car finance is becoming a more affordable option.

53

The average loan term was 53 months.

9,157

The Ford Fiesta remains triumphant, continuing to out perform its closest rivals. This month 9,157 Fiesta's sold nationwide, 116,087 this year. The pattern continues with the Ford Focus staying in second place with 7,116, and the Vauxhall Corsa at third with 6,184.

2,137,910

Registrations for 2014-to-date reached 2,137,910 in October. This is an increase of 9.5% from this same point of time last year. 2014 is destined to have the most new car sales since 2007.

*Source: The Society of Motor Manufacturers and Traders – Motor Industry Facts 2014

That’s it for this month. You can look at how the trends have changed across the year by viewing previous months car finance facts at the links below.

Car Finance Facts September

Car Finance Facts August

Car Finance Facts July

Car Finance Facts June

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