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UK Car Buyers Turn To Second Hand Vehicles

Compact Cars, Bridgend

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The British car market is expereinceing ever more pressure as buyers turn away from new models after a squeeze on earnings, prefering secondhand cars instead.

Figures show the number of second hand cars purchased using finance increased by 7% in June compared with the same month in 2016, according to the Finance and Leasing Association, which represents about 86% of borrowing against vehicles in the UK.

There was 8% less lending extended for new vehicles which could alleviate concerns over a credit bubble in motor finance.