Finance & Leasing Association6 March 2015
Figures released today by the Finance & Leasing Association (FLA) show that consumer new car finance volumes fell by 3% in January 2015 compared with the same month in 2014, but remained 11% up in the twelve months to January.
The percentage of private new car sales financed through dealerships by FLA members reached a new high of 76.2% in the twelve months to January 2015.
Consumer used car finance volumes grew by 3% in January and by 12% in the twelve months to January 2015.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Consumer new car finance volumes over the last twelve months grew at a faster rate than private new car sales, and so we saw a new record high for the market share of dealer car finance.
“Despite the quiet start to 2015, we expect the consumer car finance market to grow in 2015 as a whole.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| Jan 2015 |
% change on prev. year |
3 months to Jan 2015 |
% change on prev. year |
12 months to Jan 2015 |
% change on prev. year |
|
| New cars |
||||||
| Value of advances (£m) |
821 |
+3 |
2,713 |
+9 |
14,107 |
+16 |
| Number of cars |
51,932 |
-3 |
167,232 |
+5 |
895,798 |
+11 |
| Used cars |
||||||
| Value of advances (£m) |
944 |
+7 |
2,494 |
+11 |
10,705 |
+19 |
| Number of cars |
92,813 |
+3 |
239,074 |
+6 |
1,049,107 |
+12 |
| Table 2: Cars bought on finance by businesses |
||||||
| Jan 2015 |
% change on prev. year |
3 months to Jan 2015 |
% change on prev. year |
12 months to Jan 2015 |
% change on prev. year |
|
| New cars |
||||||
| Number of cars |
32,344 |
+6 |
104,123 |
+2 |
456,977 |
+12 |
| Used cars |
||||||
| Number of cars |
3,186 |
-29 |
9,124 |
-17 |
38,842 |
-34 |
Note to editors:
- In 2014, FLA members provided £99.5 billion of new finance to UK businesses and households. £74.1 billion of this was in the form of consumer credit, over a third of all unsecured lending in the UK. And £32.4 billion of it supported the purchase of new and used cars, including over three-quarters of private new car registrations.
