Consumer car finance market falls by 1% in March

New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 1% by volume in March, compared with the same month in 2018. The corresponding value of new business was at a similar level to March 2018.

The POS consumer new car finance market reported a fall in new business in March of 3% by value and 5% by volume, compared with the same month in 2018.

The percentage of private new car sales financed by FLA members through the POS was 90.9% in the twelve months to March, down from 91.1% in the same period to February.

The POS consumer used car finance market reported new business up 9% by value in March, while volumes grew by 4%, compared with the same month in 2018.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The POS consumer car finance market reported new business volumes stable in the first quarter of 2019, with a fall of 2% in the new car finance market offset by growth of 2% in the used car finance market.

“The Q1 2019 performance reflects our expectations for the year as a whole, with annual new business volumes of around 2.4 million, a similar level to 2018.”

 

Table 1: Cars bought on finance by consumers through dealerships
New business Mar 2019 % change on prev. year 3 months to Mar 2019 % change on prev. year 12 months to Mar 2019 % change on prev. year
New cars
Value of advances (£m) 3,300 -3 5,546 0 19,416 +4
Number of cars 160,906 -5 274,218 -2 954,073 0
Used cars
Value of advances (£m) 1,627 +9 4,763 +7 17,902 +11
Number of cars 130,632 +4 389,275 +2 1,470,442 +6
Total cars
Value of advances (£m) 4,927 0 10,309 +3 37,318 +7
Number of cars 291,538 -1 663,493 0 2,424,515 +4

 

Table 2: Cars bought on finance       by businesses
New business Mar 2019 % change on prev. year 3 months to Mar 2019 % change on prev. year 12 months
to Mar 2019
% change on prev. year
New cars
Number of cars 43,143 -6 90,184 -7 389,878 -12
Used cars
Number of cars 7,630 -6 21,388 +30 64,826 +12

 

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