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Consumer car finance new business volumes fell by 27% in February 2021

New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 27% in February 2021, compared with the same month in 2020.

The consumer new car finance market reported a fall in new business volumes of 34% in February compared with the same month in 2020. The percentage of private new car sales financed by FLA members in the twelve months to February 2021 was 92.8%.

The consumer used car finance market reported new business volumes 25% lower in February than in the same month in 2020.

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

“The UK lockdown restrictions over the winter months contributed to a fall in consumer car finance new business volumes of just over a quarter.

“As car showrooms re-open and consumer confidence recovers, we expect a strong rebound in demand. The value of annual new business in the consumer car finance market is expected to reach its pre-pandemic level this year.”

Table 1: Cars bought on finance by consumers through the point of sale
New business Feb
2021
% change on
prev. Year
3 months to
Feb 2021
% change on
prev. Year
12 months
to Feb 2021
% change
on
prev. Year
New cars
Value of advances (£m) 659 -27 2,613 -24 14,869 -24
Number of cars 29,252 -34 111,200 -30 659,809 -28
Used cars
Value of advances (£m) 1,243 -23 3,510 -21 15,228 -18
Number of cars 93,873 -25 265,443 -24 1,161,932 -22
Total cars
Value of advances (£m) 1,902 -24 6,123 -23 30,097 -21
Number of cars 123,125 -27 376,643 -26 1,821,741 -25
Table 2: Cars bought on finance by businesses
New business Feb 2021 % change on
prev. Year
3 months
to Feb 2021
% change on
prev. Year
12 months
to Feb 2021
% change on
prev. Year
New cars
Number of cars 16,036 -24 62,657 -21 253,688 -40
Used cars
Number of cars 3,396 -5 11,065 -24 55,477 1

*Article Source http://www.financingyourcar.org.uk

Automotive Industry Digest

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