New car finance volumes up 8%

New figures released today by the Finance & Leasing Association (FLA) show point-of-sale consumer new car finance was up 8% by volume and 11% by value in August, 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 August reached 78.9%, up from 78.7% in the twelve months to July.

Point-of-sale consumer used car finance also saw continued strong growth in August, up 7% by volume and 12% by value.

Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA said, ‘Both consumer new and used car finance markets reported relatively robust growth in August, ahead of the introduction of the new 65 registration plate in September. We expect this growth to continue in the final quarter of 2015.’

Table 1: Cars bought on finance by consumers through dealerships  
New businessAug 2015% change on prev. year3 months to Aug 2015% change on prev. year12 months to Aug 2015% change on prev. year
New cars      
Value of advances (£m)738+113,298+1715,227+14
Number of cars47,271+8202,241+13943,175+10
Used cars      
Value of advances (£m)954+123,078+1311,556+14
Number of cars90,909+7290,847+81,104,265+8

 

Table 2: Cars bought on finance by businesses    
New businessAug 2015% change on prev. year3 months to Aug 2015% change on prev. year12 months to Aug 2015% change on prev. year
New cars      
Number of cars29,200-16122,537+1506,606+10
Used cars      
Number of cars1,900-377,628-2637,790-16

 

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