Car finance customers holding onto purse strings

It's official; last month's figures relating to car sales are the worst since 1966.

It seems strange to think that in the year England won the World Cup there was also a severe drop in the number of cars being sold in the UK but it is true and now, some 42 years on, it is happening again - but without the football victory.

It seems that, in spite of the many available car finance deals, people just aren't buying: there were just 63,225 sales of new vehicles in August 2008. This represents an 18.6% fall when compared with sales of new vehicles in August 2007.

Car dealerships and car finance companies are reporting huge drops in the numbers of cars and financing agreements being sold and signed. Likewise the number of motor vehicles being repossessed because of non payment of car finance has also increased dramatically.

The only people seemingly doing well from this crisis are the used car dealerships who have reported steady increases in the numbers of used cars sold simply because people cannot afford to spend thousands on new cars or wish to take the risk of signing car finance agreements to secure one.

Indeed the Driver and Vehicle Licensing Agency has also noted an increase in the number of requests for change of ownership that have been logged in the past few months with a drop of 3.8% in the registration of new vehicles on the same period last year.

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