Number of cars bought on finance by consumers rises – but businesses see a fall

Time 9:00 am, August 16, 2018

THE NUMBER of cars bought on finance through dealerships by consumers went up by three per cent in June to a total of 203,373, according to latest figures from the Finance & Leasing Association.

New cars were up by one per cent to 83,470, while used cars increased by four per cent to 119,903. Businesses, meanwhile, saw a 22 per cent drop to 40,691 for new cars and a fall of four per cent to 5,087 for used.

In terms of value of advances for consumers, it went up to £1.717bn (nine per cent) for new cars and up to £1.46bn (11 per cent) for used cars – a total increase of £3.177bn (10 per cent).

Geraldine Kilkelly, pictured, head of research and chief economist at the FLA, said: ‘The point-of-sale consumer car finance market reported new business volumes up in the first half of 2018 by four per cent compared with the same period in 2017.

‘This was in line with expectations, with a modest fall in consumer new car finance volumes offset by single-digit new business growth in the consumer used car finance market.’

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Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

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