The amount of new car finance that is being taken out by private buyers rose by 40 per cent during October from the same month last year.

Figures from the Finance and Leasing Association (FLA) revealed this significant upturn in the new car finance sector, with 15 per cent more new car buyers registered than in October 2011.

Paul Harrison, head of motor finance at the FLA, said: "2012 has been a spectacular year for car finance. Over 70 per cent of consumers now turn to their local dealership and motor finance providers to fund their new car purchase."

He added that this figure is expected to rise to more than 75 per cent in 2013.

Hamish Stone, head of marketing at Gumtree.com, recently argued the UK used car market is also extremely strong at the moment, with more buyers attracted to the better value that can be achieved by purchasing a vehicle that has already underwent its first major depreciation.

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Posted by Brendan Saunders,  Account Manager, The Fuelcard People.