10 May 2019
New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 1% by volume in March, compared with the same month in 2018. The corresponding value of new business was at a similar level to March 2018.
The POS consumer new car finance market reported a fall in new business in March of 3% by value and 5% by volume, compared with the same month in 2018.
The percentage of private new car sales financed by FLA members through the POS was 90.9% in the twelve months to March, down from 91.1% in the same period to February.
The POS consumer used car finance market reported new business up 9% by value in March, while volumes grew by 4%, compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The POS consumer car finance market reported new business volumes stable in the first quarter of 2019, with a fall of 2% in the new car finance market offset by growth of 2% in the used car finance market.
“The Q1 2019 performance reflects our expectations for the year as a whole, with annual new business volumes of around 2.4 million, a similar level to 2018.”
Table 1: Cars bought on finance by consumers through dealerships |
|
|
||||
New business |
Mar 2019 |
% change on prev. year |
3 months to Mar 2019 |
% change on prev. year |
12 months to Mar 2019 |
% change on prev. year |
New cars |
|
|
|
|
|
|
Value of advances (£m) |
3,300 |
-3 |
5,546 |
0 |
19,416 |
+4 |
Number of cars |
160,906 |
-5 |
274,218 |
-2 |
954,073 |
0 |
Used cars |
|
|
|
|
|
|
Value of advances (£m) |
1,627 |
+9 |
4,763 |
+7 |
17,902 |
+11 |
Number of cars |
130,632 |
+4 |
389,275 |
+2 |
1,470,442 |
+6 |
Total cars |
|
|
|
|
|
|
Value of advances (£m) |
4,927 |
0 |
10,309 |
+3 |
37,318 |
+7 |
Number of cars |
291,538 |
-1 |
663,493 |
0 |
2,424,515 |
+4 |
Table 2: Cars bought on finance by businesses |
|
|
|
|
||
New business |
Mar 2019 |
% change on prev. year |
3 months to Mar 2019 |
% change on prev. year |
12 months to Mar 2019 |
% change on prev. year |
New cars |
|
|
|
|
|
|
Number of cars |
43,143 |
-6 |
90,184 |
-7 |
389,878 |
-12 |
Used cars |
|
|
|
|
|
|
Number of cars |
7,630 |
-6 |
21,388 |
+30 |
64,826 |
+12 |
Note to editors:
1. In 2018, FLA members provided £137 billion of new finance to UK businesses and households. £104 billion of this was in the form of consumer credit, more than a third of total new consumer credit written in the UK in 2018. £46 billion of it supported the purchase of new and used cars, including over 91% of private new car registrations.
2. For media enquiries, please contact the FLA press office on 020 7420 9656.