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 business | Aug 2015 | % change on prev. year | 3 months to Aug 2015 | % change on prev. year | 12 months to Aug 2015 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 738 | +11 | 3,298 | +17 | 15,227 | +14 |
| Number of cars | 47,271 | +8 | 202,241 | +13 | 943,175 | +10 |
| Used cars | ||||||
| Value of advances (£m) | 954 | +12 | 3,078 | +13 | 11,556 | +14 |
| Number of cars | 90,909 | +7 | 290,847 | +8 | 1,104,265 | +8 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Aug 2015 | % change on prev. year | 3 months to Aug 2015 | % change on prev. year | 12 months to Aug 2015 | % change on prev. year |
| New cars | ||||||
| Number of cars | 29,200 | -16 | 122,537 | +1 | 506,606 | +10 |
| Used cars | ||||||
| Number of cars | 1,900 | -37 | 7,628 | -26 | 37,790 | -16 |
