28 January 2020
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in November 2019 by 1% compared with the same month in 2018, and remained stable in the eleven months to November 2019.
The consumer new car finance market reported a fall in new business volumes of 8% in November 2019 compared with the same month in 2018. The percentage of private new car sales financed by FLA members was 91.2% in the twelve months to November 2019.
The consumer used car finance market reported new business volumes up in November 2019 by 3% compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The consumer used car finance market is poised for a record level of new business volumes in 2019 of almost 1.5 million cars, 2% higher than in 2018.
“Further single-digit growth in this market is likely in 2020 with recent survey data suggesting a pick-up in consumer confidence about the economic outlook, personal finances and committing to big-ticket purchases.”
Table 1: Cars bought on finance by consumers through the point of sale |
||||||
New business |
Nov 2019 |
% change on prev. year |
3 months to Nov 2019 |
% change on prev. year |
12 months to Nov 2019 |
% change on prev. year |
New cars |
|
|
|
|
|
|
Value of advances (£m) |
1,394 |
-1 |
5,440 |
0 |
19,385 |
0 |
Number of cars |
62,474 |
-8 |
250,854 |
-5 |
928,049 |
-4 |
Used cars |
|
|
|
|
|
|
Value of advances (£m) |
1,389 |
3 |
4,612 |
5 |
18,263 |
4 |
Number of cars |
111,049 |
3 |
367,820 |
3 |
1,484,254 |
2 |
Total cars |
||||||
Value of advances (£m) |
2,783 |
1 |
10,051 |
2 |
37,648 |
2 |
Number of cars |
173,523 |
-1 |
618,674 |
0 |
2,412,303 |
0 |
Table 2: Cars bought on finance by businesses |
||||||
New business |
Nov 2019 |
% change on prev. year |
3 months to Nov 2019 |
% change on prev. year |
12 months to Nov 2019 |
% change on prev. year |
New cars |
|
|
|
|
|
|
Number of cars |
25,756 |
-18 |
85,340 |
-9 |
389,798 |
-4 |
Used cars |
||||||
Number of cars |
3,718 |
-17 |
12,859 |
-25 |
59,412 |
6 |
Note to editors:
- Motor finance reported in these figures refers to finance obtained through the point of sale.
- In 2018, FLA members provided £136 billion of new finance to UK businesses and households. £103 billion of this was in the form of consumer credit, over 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.
- For media enquiries, please contact the FLA press office on 020 7420 9656.