Finance & Leasing Association5 September 2013
New figures released today by the Finance & Leasing Association (FLA) show growth of 18% in the number of consumer used cars bought on finance in July, compared to July 2012. The rate of growth in the number of new cars bought on finance by consumers slowed slightly compared to recent months, but the number was still up 21% in July compared to the same month last year. FLA members’ penetration of consumer new car registrations in the twelve months to July 2013 increased to 74.1% from 73.6% in June.
Commenting, Paul Harrison, Head of Motor Finance at the FLA said: “Customers are more confident now about making major purchases and there are some very competitive deals out there which support confidence. The continued growth in the used car market has been helped by the wider range of finance incentives that are offered and the improved availability of stock filtering down from a buoyant new car market.”
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| Jul-13 | % change on prev. year | 3 months to Jul 2013 | % change on prev. year | 12 months to Jul 2013 | % change on prev. year | |
| New cars | ||||||
| Value of advances (£m) | 889 | +31 | 2,853 | +31 | 11,034 | +33 |
| Number of cars | 59,184 | +21 | 190,046 | +25 | 754,587 | +27 |
| Used cars | ||||||
| Value of advances (£m) | 769 | +22 | 2,229 | +22 | 7,966 | +14 |
| Number of cars | 80,676 | +18 | 234,713 | +17 | 845,216 | +10 |
| Table 2: Cars bought on finance by businesses | ||||||
| Jul-13 | % change on prev. year | 3 months to Jul 2013 | % change on prev. year | 12 months to Jul 2013 | % change on prev. year | |
| New cars | ||||||
| Number of cars | 35,596 | -7 | 106,574 | -4 | 393,654 | -1 |
| Used cars | ||||||
| Number of cars | 6,713 | +41 | 15,198 | -33 | 64,997 | +14 |
Note to editors:
- In 2012 FLA members provided £76.6 billion of new finance to UK businesses and households. £55.1 billion of this was in the form of consumer credit, 30% of all unsecured lending in the UK. And £23.3 billion of it supported the purchase of new and used cars, including more than 70% of private new car registrations.
