New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in November 2019 by 1% compared with the same month in 2018, and remained stable in the eleven months to November 2019.
The consumer new car finance market reported a fall in new business volumes of 8% in November 2019 compared with the same month in 2018. The percentage of private new car sales financed by FLA members was 91.2% in the twelve months to November 2019.
The consumer used car finance market reported new business volumes up in November 2019 by 3% compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The consumer used car finance market is poised for a record level of new business volumes in 2019 of almost 1.5 million cars, 2% higher than in 2018.
| Table 1: Cars bought on finance by consumers through the point of sale | ||||||
| New business | Nov 2019 | % change on prev. year | 3 months to Nov 2019 | % change on prev. year | 12 months to Nov 2019 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 1,394 | -1 | 5,440 | 0 | 19,385 | 0 |
| Number of cars | 62,474 | -8 | 250,854 | -5 | 928,049 | -4 |
| Used cars | ||||||
| Value of advances (£m) | 1,389 | 3 | 4,612 | 5 | 18,263 | 4 |
| Number of cars | 111,049 | 3 | 367,820 | 3 | 1,484,254 | 2 |
| Total cars | ||||||
| Value of advances (£m) | 2,783 | 1 | 10,051 | 2 | 37,648 | 2 |
| Number of cars | 173,523 | -1 | 618,674 | 0 | 2,412,303 | 0 |
“Further single-digit growth in this market is likely in 2020 with recent survey data suggesting a pick-up in consumer confidence about the economic outlook, personal finances and committing to big-ticket purchases.â€
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Nov 2019 | % change on prev. year | 3 months to Nov 2019 | % change on prev. year | 12 months to Nov 2019 | % change on prev. year |
| New cars | ||||||
| Number of cars | 25,756 | -18 | 85,340 | -9 | 389,798 | -4 |
| Used cars | ||||||
| Number of cars | 3,718 | -17 | 12,859 | -25 | 59,412 | 6 |
*Article Source http://www.fla.org.uk
