Consumer Car Finance Volumes up 8% in 2016

New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market grew 12% by value and 8% by volume in 2016. New business was up 3% by value and down 3% by volume in December, compared with the same month in 2015.

The POS consumer new car finance market reported new business up 1% by value and 8% lower by volume in December compared with the same month in 2015. In 2016 as a whole, new business grew 12% by value and 6% by volume.

The percentage of private new car sales financed by FLA members through the POS reached 86.6% in 2016, up from 81.4% in 2015.

The POS consumer used car finance market reported new business growth in December of 7% by value and 2% by volume. In 2016 as a whole, new business grew 12% by value and 9% by volume.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

The point of sale consumer car finance market reported another record year in 2016, with new business volumes reaching 2.3 million cars. Our latest confidence survey suggests broadly stable new business volumes in 2017.”

Table 1: Cars bought on finance by consumers through dealerships
New business

Dec  2016

% change on prev. year

3 months to Dec  2016

% change on prev. year

12 months to Dec  2016

% change on prev. year

New cars
Value of advances (£m)

1,167

+1

3,870

+7

18,085

+12

Number of cars

61,952

-8

213,574

+0

1,045,144

+6

Used cars
Value of advances (£m)

884

+7

3,133

+9

13,558

+12

Number of cars

77,436

+2

280,100

+6

1,253,706

+9

Total
Value of advances (£m)

2,051

+3

7,004

+8

31,643

+12

Number of cars

139,388

-3

493,674

+3

2,298,850

+8

 

Table 2: Cars bought on finance by businesses
New business

Dec  2016

% change on prev. year

3 months to Dec  2016

% change on prev. year

12 months to Dec  2016

% change on prev. year

New cars
Number of cars

34,591

-11

115,931

-6

504,861

-1

Used cars
Number of cars

5,483

+32

14,286

+42

46,845

+20

Author: Dylan Jones

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