Experts suggest the car finance market is set for a bigger growth in 2021 and 2022 as drivers look to secure new models.
Geraldine Kilkelly, Director of Research and Chief Economist at the FLA said they would expect almost 20 percent growth this year and even more next.
She said: “The consumer car finance market received a boost in April as showrooms re-opened, with the significant growth rate also reflecting the all-time low level of new business recorded in April 2020 at the start of the first lockdown.
“Pent-up demand and an improvement in consumer confidence are expected to contribute to a strong recovery during the second half of 2021, with our latest research suggesting that consumer car finance new business by value will grow by 19 percent in 2021 as a whole, and by a further 13 percent in 2022.”
Published at Thu, 17 Jun 2021 09:03:00 +0000