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Consumer car finance market falls by 2% in August

Consumer car finance market falls by 2% in August
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 2% in August, compared with the same month in 2018, while the value of new business grew by 2% over the same period.

The percentage of private new car sales financed by FLA members through the POS remained at 91.2% in the twelve months to August 2019.

The POS consumer used car finance market reported that new business fell 2% by volume and 1% by value in August, compared with the same month last year.

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

“The POS consumer new car finance market reported a modest fall in new business volumes in August, as the market continued to track private new car sales.

“New business volumes in the POS consumer car finance market overall fell by 1% in the eight months to August, in line with expectations.”

Table 1: Cars bought on finance by consumers through the point of sale

New business

Aug 2019

% change on prev. year

3 months to Aug 2019

% change on prev. year

12 months to Aug 2019

% change on prev. year

New cars

Value of advances (£m)

991

+2

4,070

0

19,364

-2

Number of cars

49,762

-2

198,734

-2

940,281

-5

Used cars

Value of advances (£m)

1,524

-1

4,633

+2

18,057

+5

Number of cars

125,497

-2

379,467

+1

1,472,739

+2

Total cars

Value of advances (£m)

2,515

0

8,703

+1

37,420

+2

Number of cars

175,259

-2

578,201

0

2,413,020

-1

 

Table 2: Cars bought on finance by businesses

New business

Aug 2019

% change on prev. year

3 months to Aug 2019

% change on prev. year

12 months to Aug 2019

% change on prev. year

New cars

Number of cars

23,289

-11

100,321

-1

396,261

-6

Used cars

Number of cars

5,083

+25

14,719

+17

62,503

+15

 

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