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Consumer Car Finance Volumes Down 2% in February
New figures released today by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market reported new business volumes down 2% in February, compared with the same month in 2016, while the value of new business was up by 2% over the same period.
New business in the POS consumer new car finance market fell 3% by volume in February, while the value of new business was at a similar level to the same month in 2016.
The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve months to February, unchanged compared with the same period to January.
New business in the POS consumer used car finance market fell 1% by volume in February, while the value of new business grew by 3%.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The point of sale consumer car finance market reported modest growth in new business volumes of 3% in the first two months of 2017. This is in line with the industry’s expectations of single-digit growth in the year overall.”
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| New business |
Feb 2017 |
% change on prev. year |
3 months to Feb 2017 |
% change on prev. year |
12 months to Feb 2017 |
% change on prev. year |
| New cars | ||||||
| Value of advances (£m) |
807 |
0 |
3,059 |
+3 |
18,177 |
+10 |
| Number of cars |
49,408 |
-3 |
173,010 |
-3 |
1,045,041 |
+4 |
| Used cars | ||||||
| Value of advances (£m) |
1,197 |
+3 |
3,342 |
+8 |
13,763 |
+10 |
| Number of cars |
108,374 |
-1 |
300,316 |
+4 |
1,262,627 |
+7 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business |
Feb 2017 |
% change on prev. year |
3 months to Feb 2017 |
% change on prev. year |
12 months to Feb 2017 |
% change on prev. year |
| New cars | ||||||
| Number of cars |
32,519 |
+9 |
101,077 |
-1 |
507,830 |
-1 |
| Used cars | ||||||
| Number of cars |
3,554 |
+7 |
16,505 |
+65 |
52,013 |
+34 |
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