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Consumer car finance market falls by 3% in June

Consumer car finance market falls by 3% in June
New figures released today by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market fell by 3% in June 2019, compared with the same month in the previous year.

The POS consumer new car finance market reported a fall in new business volumes of 5% in June compared with the same month in 2018, while the value of new business fell by 4%.

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

The POS consumer used car finance market reported a fall in new business volumes of 1% in June compared with the same month in 2018, while the value of new business remained at a similar level to June 2018.

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

“The POS consumer used car finance market reported a record total for new business volumes in the first half of the year of almost 772,000 vehicles, while the modest fall in POS consumer new car finance in the first six months of 2019 was in line with wider trends in private new car sales.”

Table 1: Cars bought on finance by consumers through dealerships

New business

Jun 2019

% change on prev. year

3 months to Jun 2019

% change on prev. year

12 months to Jun 2019

% change on prev. year

New cars

Value of advances (£m)

1,646

-4

4,841

-3

19,291

-1

Number of cars

79,276

-5

230,080

-6

940,568

-4

Used cars

Value of advances (£m)

1,468

0

4,663

+1

17,962

+7

Number of cars

119,506

-1

382,291

-1

1,466,408

+3

Total cars

Value of advances (£m)

3,114

-2

9,503

-1

37,254

+3

Number of cars

198,782

-3

612,371

-3

2,406,976

0

 

Table 2: Cars bought on finance by businesses

New business

Jun 2019

% change on prev. year

3 months to Jun 2019

% change on prev. year

12 months to Jun 2019

% change on prev. year

New cars

Number of cars

35,341

-7

117,134

-4

394,882

-8

Used cars

Number of cars

5,651

+13

14,276

+14

61,063

+5

 

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