21 March 2018
New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 7% by volume and 13% by value in January, compared with the same month in 2017.
New business volumes in the POS consumer new car finance market fell by 4% compared with January 2017, while the value of new business increased by 4% over the same period.
The percentage of private new car sales financed by FLA members through the POS was 88.5% in the twelve months to January, compared with 88.2% in the twelve months to December 2017.
The POS consumer used car finance market reported new business in January up 13% by volume and 20% 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:
“New business trends in the POS consumer car finance market continued in a similar vein to 2017. In the twelve months to January, overall new business volumes in this market held steady at almost 2.4 million.”
|
Table 1: Cars bought on finance by consumers through dealerships |
||||||
|
New business |
Jan 2018 |
% change on prev. year |
3 months to Jan 2018 |
% change on prev. year |
12 months to Jan 2018 |
% change on prev. year |
|
New cars |
||||||
|
Value of advances (£m) |
1,167 |
+4 |
3,686 |
-1 |
18,840 |
+1 |
|
Number of cars |
61,204 |
-4 |
186,674 |
-9 |
988,025 |
-7 |
|
Used cars |
||||||
|
Value of advances (£m) |
1,544 |
+20 |
3,785 |
+15 |
15,697 |
+12 |
|
Number of cars |
131,870 |
+13 |
320,855 |
+10 |
1,372,597 |
+7 |
|
Total cars |
||||||
|
Value of advances (£m) |
2,711 |
+13 |
7,471 |
+6 |
34,537 |
+6 |
|
Number of cars |
193,074 |
+7 |
507,529 |
+2 |
2,360,622 |
0 |
|
Table 2: Cars bought on finance by businesses |
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|
New business |
Jan 2018 |
% change on prev. year |
3 months to Jan 2018 |
% change on prev. year |
12 months to Jan 2018 |
% change on prev. year |
|
New cars |
||||||
|
Number of cars |
27,710 |
-13 |
88,945 |
-13 |
473,970 |
-3 |
|
Used cars |
||||||
|
Number of cars |
5,636 |
-31 |
15,319 |
-21 |
58,472 |
+4 |
Note to editors:
- In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2017. £44 billion of it supported the purchase of new and used cars, including over 88% of private new car registrations.
- For media enquiries, please contact the FLA press office on 020 7420 9656.