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Consumer car finance market up by 2% in February

Consumer car finance market up by 2% in February
New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 2% by volume and 6% by value in February 2019, compared with the same month in 2018.

The percentage of private new car sales financed by FLA members through the POS was 91.1% in the twelve months to February, 0.1 percentage points lower than in the same period to January 2019.

The POS consumer used car finance market reported new business in February up 2% by volume and 7% by value, 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 further modest new business volumes growth in February, as consumer confidence remained subdued amid uncertainty about the outlook for the economy.”

"We continue to expect new business volumes in 2019 overall to be at a similar level to 2018 if there is a reduction in Brexit-related uncertainty.”

Table 1: Cars bought on finance by consumers through dealerships

 

 

New business

Feb 2019

% change on prev. year

3 months to Feb 2019

% change on prev. year

12 months to Feb 2019

% change on prev. year

New cars

 

 

 

 

 

 

Value of advances (£m)

946

+4

3,381

+4

19,529

+3

Number of cars

48,642

+1

166,751

0

962,476

-2

Used cars

 

 

 

 

 

 

Value of advances (£m)

1,509

+7

4,196

+6

17,762

+11

Number of cars

123,934

+2

343,550

+2

1,464,817

+5

Total cars

 

 

 

 

 

 

Value of advances (£m)

2,455

+6

7,577

+6

37,291

+6

Number of cars

172,576

+2

510,301

+1

2,427,293

+2

 

Table 2: Cars bought on finance by businesses

 

 

 

 

New business

Feb 2019

% change on prev. year

3 months to Feb 2019

% change on prev. year

12 months to Feb 2019

% change on prev. year

New cars

 

 

 

 

 

 

Number of cars

20,252

-21

73,604

-6

392,372

-12

Used cars

 

 

 

 

 

 

Number of cars

6,899

+118

16,831

+45

65,416

+21