June’s 10% plunge, compared with the same month a year ago, helped cause a 2% fall in the first half of 2002, compared with same period in 2001, according to figures from the Finance & Leasing Association.
The figures for June show an overall decrease of 7% in the number of new cars financed, both consumer and business cars, compared with the same month a year ago. It is the first single month decrease since June 2001, though on ayear-to-date basis, demand for finance is up by 11%.
The trend for used cars is even more downbeat – consumer financing down 22% andbusiness down 23% compared with June 2001.
Commenting on the figures, FLA Director General Martin Hall said: ‘It’s too early to predict if we’re seeing the first sign of a slow down or just a World Cup hangover.’
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