Finance & Leasing Association8 November 2018
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 16% in September, compared with the same month in 2017, and the value of new business was 14% lower over the same period. In Q3 2018 overall, new business fell 4% by value and 6% by volume.
The percentage of private new car sales financed by FLA members through the POS was 90.9% in the twelve months to September 2018.
The POS consumer used car finance market reported new business in September up 9% by value and 3% by volume, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Recent trends in the POS consumer new car finance market have reflected those for private new car sales which have been affected by changes to emission standards introduced in September.
“The POS consumer car finance market overall reported new business volumes up by 3% in the first nine months of 2018, in line with expectations of single-digit growth for the year as a whole.”
| Table 1: Cars bought on finance by consumers through dealerships |
|
|
||||
| New business |
Sep 2018 |
% change on prev. year |
3 months to Sep 2018 |
% change on prev. year |
12 months to Sep 2018 |
% change on prev. year |
| New cars |
|
|
|
|
|
|
| Value of advances (£m) |
2,526 |
-14 |
4,877 |
-4 |
19,314 |
+2 |
| Number of cars |
123,173 |
-16 |
242,927 |
-6 |
963,771 |
-5 |
| Used cars |
|
|
|
|
|
|
| Value of advances (£m) |
1,460 |
+9 |
4,527 |
+12 |
17,184 |
+14 |
| Number of cars |
117,543 |
+3 |
371,010 |
+6 |
1,444,464 |
+8 |
| Total cars |
|
|
|
|
|
|
| Value of advances (£m) |
3,985 |
-7 |
9,404 |
+4 |
36,498 |
+7 |
| Number of cars |
240,716 |
-7 |
613,937 |
+1 |
2,408,235 |
+2 |
| Table 2: Cars bought on finance by businesses |
|
|
|
|
||
| New business |
Sep 2018 |
% change on prev. year |
3 months to Sep 2018 |
% change on prev. year |
12 months to Sep 2018 |
% change on prev. year |
| New cars |
|
|
|
|
|
|
| Number of cars |
31,301 |
-22 |
98,347 |
-15 |
431,842 |
-10 |
| Used cars |
|
|
|
|
|
|
| Number of cars |
4,515 |
+25 |
12,915 |
-17 |
55,116 |
-6 |
Note to editors:
1. 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.
2. For media enquiries, please contact the FLA press office on 020 7420 9656.
