Asset Finance


Consumer Finance


Motor Finance


Consumer new car finance volumes up 10% in March

8 May 2015

Figures released today by the Finance & Leasing Association (FLA) show 10% growth in point-of-sale consumer new car finance volumes in March, compared with the same month a year earlier, and 6% growth in Q1 2015 overall.

The percentage of private new car sales financed through dealerships by FLA members reached a new high of 76.8% in the twelve months to March.

The point-of-sale consumer used car finance market also put in a good performance, with volumes up by 11% in March, and 8% in Q1 2015 as a whole.

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

“Both consumer new and used car finance markets reported a strong end to the first quarter of 2015 and record levels of new business volumes in the twelve-month period to March.”

Table 1: Cars bought on finance by consumers through dealerships

Mar 2015

% change on prev. year

3 months to Mar 2015

% change on prev. year

12 months to Mar 2015

% change on prev. year

New cars

Value of advances (£m)

2,737

+15

4,200

+11

14,461

+13

Number of cars

167,852

+10

262,355

+6

908,875

+8

Used cars

Value of advances (£m)

1,108

+16

2,994

+12

10,964

+16

Number of cars

105,978

+11

290,667

+8

1,067,636

+10

 

Table 2: Cars bought on finance by businesses

Mar 2015

% change on prev. year

3 months to Mar 2015

% change on prev. year

12 months to Mar 2015

% change on prev. year

New cars

Number of cars

56,577

+13

116,395

+7

487,133

+9

Used cars

Number of cars

4,583

+41

10,576

-2

41,770

-16

Note to editors:

  1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK last year. £32.7 billion of it supported the purchase of new and used cars, including over three-quarters of private new car registrations.