11:26 am, April 9, 2024
Consumer car finance new business volumes grew in February by 1% to 159,427 cars versus the same month last year.
The corresponding value of new business was similar to February 2023 at £2.686m.
That’s according to figures released this morning by the Finance & Leasing Association.
The consumer new car finance market reported new business higher in value by 4% at £817m in February than in the same month in 2023, while new business volumes fell by 5% to 29,986 cars.
Meanwhile, the consumer used car finance market reported a 2% fall in the value of new business in February to £1.869m year on year, while new business volumes increased by 2% to 129,441 cars.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: ‘February saw the consumer car finance market report its first growth in new business volumes overall since October 2022, supported by another positive month for the used car finance market.’
She added: ‘The FLA’s latest research suggests that the value of consumer car finance new business in 2024 will hold steady at £39bn.
‘The value of new business provided to consumers for new car purchases is forecast to grow by 5% in 2024 to £18bn, while consumer used car finance new business by value is expected to fall by 5% in 2024 to £21bn.’
