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Consumer car finance market falls by 2% in April

Consumer car finance market falls by 2% in April
New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 2% by value and 7% by volume in April, compared with the same month in 2018.

The percentage of private new car sales financed by FLA members through the POS was 91.0% in the twelve months to April 2019.

The POS consumer used car finance market reported new business growth in April of 4% by value and 1% by volume.

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

“Trends in the POS consumer new car finance market continued to reflect private new car sales. Subdued consumer confidence has also contributed to a slowdown in the POS consumer used car finance market in recent months.”

“However, new business volumes overall in the first four months of 2019 held steady compared with the same period in 2018."

Table 1: Cars bought on finance by consumers through dealerships

 

 

New business

Apr 2019

% change on prev. year

3 months to Apr 2019

% change on prev. year

12 months to Apr 2019

% change on prev. year

New cars

 

 

 

 

 

 

Value of advances (£m)

1,603

-2

5,849

-2

19,386

+1

Number of cars

76,042

-7

285,590

-5

948,203

-2

Used cars

 

 

 

 

 

 

Value of advances (£m)

1,632

+4

4,768

+7

17,970

+9

Number of cars

134,073

+1

388,639

+2

1,471,512

+4

Total cars

 

 

 

 

 

 

Value of advances (£m)

3,236

+1

10,617

+2

37,356

+5

Number of cars

210,115

-2

674,229

-1

2,419,715

+2

 

Table 2: Cars bought on finance by businesses

 

 

 

 

New business

Apr 2019

% change on prev. year

3 months to Apr 2019

% change on prev. year

12 months to Apr 2019

% change on prev. year

New cars

 

 

 

 

 

 

Number of cars

42,700

-3

109,657

-5

398,719

-10

Used cars

 

 

 

 

 

 

Number of cars

4,187

+17

16,858

+13

59,863

+3