New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew 6% in July, compared with the same month in 2017, while the value of new business increased by 11% over the same period.
The POS consumer new car finance market reported new business in July up 5% by volume and 10% by value, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the POS was 89.8% in the twelve months to July.
The POS consumer used car finance market reported new business in July up 6% by volume and 13% by value, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The point of sale consumer car finance market reported new business volumes up by 4% in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 as a whole.â€
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| New business | Jul 2018 | % change on prev. year | 3 months to Jul 2018 | % change on prev. year | 12 months to Jul 2018 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 1,376 | +10 | 4,707 | +11 | 19,602 | +4 |
| Number of cars | 68,786 | +5 | 230,414 | +5 | 982,073 | -5 |
| Used cars | ||||||
| Value of advances (£m) | 1,513 | +13 | 4,524 | +12 | 16,715 | +13 |
| Number of cars | 125,153 | +6 | 376,445 | +6 | 1,420,591 | +7 |
| Total cars | ||||||
| Value of advances (£m) | 2,889 | +11 | 9,232 | +11 | 36,317 | +8 |
| Number of cars | 193,939 | +6 | 606,859 | +6 | 2,402,664 | +2 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Jul 2018 | % change on prev. year | 3 months to Jul 2018 | % change on prev. year | 12 months to Jul 2018 | % change on prev. year |
| New cars | ||||||
| Number of cars | 39,930 | -14 | 121,447 | -13 | 443,579 | -8 |
| Used cars | ||||||
| Number of cars | 4,208 | -45 | 13,664 | -16 | 59,946 | -1 |
