More car buyers are relying on new and used car finance to buy cars, new figures show, despite a 19 percent fall in the total number of private new car sales in September.

The figures from the Finance & Leasing Association have shown that new cars sold on finance to consumers were up by five percent annually and used cars by six percent in September.

The percentage of new cars sold to consumers on dealer finance over the last year rose from 47.5 percent in August to 49.6 percent in September.

“The rise in the use of motor finances is great news for dealers, coming as it does in such an uncertain and volatile economic climate,” said Paul Harrison, head of motor finance.

A Pulse analysis for British Car Auctions (BCA) however showed that the average used car value fell by £146 in October, which the company puts down to continuing economic uncertainty affecting consumer confidence, especially when it comes to bigger transactions such as cars.

Volumes of used car sales were down by five percent in October compared to September and while demand levels continue to be high the value of second hand cars is set to remain relatively stable in the coming months, according the BCA.

The value of an average used car in October was £5,792, which is £1,000 more than it was two years ago.

Car Parts for Used Motors

Keeping repair costs to a minimum is vital if you have borrowed money to purchase a car recently, so investigate prices before you start so you can work out a budget. You could benefit from purchasing discount car parts online.

247 Spares is the largest online stockist of car parts, selling everything your motor may require from tyres, engine coils, gearboxes, steering wheels and exhausts.

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