New car finance volumes up 13%

Figures released today by the Finance & Leasing Association (FLA) show the number of new cars bought by consumers on finance provided through dealerships increased by 13% in July, compared with the same month last year.

The percentage of private new car sales financed by FLA members through dealerships in the twelve months to July reached 78.7%, up from 78.1% in the twelve months to June.

The point-of-sale consumer used car finance market also showed continued growth, with new business volumes up by 9% compared with July 2014.

Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA said,

‘The point-of-sale consumer car finance market has continued to grow in line with expectations. With the latest new car registrations for August suggesting robust growth in demand, we expect new car finance volumes to continue to grow over the coming months.’

Table 1: Cars bought on finance by consumers through dealerships  
 Jul 2015% change on prev. year3 months to Jul 2015% change on prev. year12 months to Jul 2015% change on prev. year
New cars      
Value of advances (£m)1,160+173,775+1615,151+14
Number of cars70,444+13228,629+11939,696+10
Used cars      
Value of advances (£m)1,084+143,096+1211,457+14
Number of cars102,322+9292,369+61,098,371+8

 

Table 2: Cars bought on finance by businesses    
 Jul 2015% change on prev. year3 months to Jul 2015% change on prev. year12 months to Jul 2015% change on prev. year
New cars      
Number of cars46,150-5138,773+11512,371+13
Used cars      
SHARE
Share