Consumer car finance market decreased by 1% in November 2019

The latest figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in November 2019 by 1% compared with the same month in 2018, and remained stable in the eleven months to November 2019.

The consumer new car finance market reported a fall in new business volumes of 8% in November 2019 compared with the same month in 2018. The percentage of private new car sales financed by FLA members was 91.2% in the twelve months to November 2019.

The consumer used car finance market reported new business volumes up in November 2019 by 3% compared with the same month in 2018.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The consumer used car finance market is poised for a record level of new business volumes in 2019 of almost 1.5 million cars, 2% higher than in 2018.”

“Further single-digit growth in this market is likely in 2020 with recent survey data suggesting a pick-up in consumer confidence about the economic outlook, personal finances and committing to big-ticket purchases.”

Table 1: Cars bought on finance by consumers through the point of sale
New business	Nov 2019	% change on prev. year	3 months to Nov 2019	% change on prev. year	12 months to Nov 2019	% change on prev. year
New cars
Value of advances (£m)	1,394	-1	5,440	0	19,385	0
Number of cars	62,474	-8	250,854	-5	928,049	-4
Used cars
Value of advances (£m)	1,389	3	4,612	5	18,263	4
Number of cars	111,049	3	367,820	3	1,484,254	2
Total cars
Value of advances (£m)	2,783	1	10,051	2	37,648	2
Number of cars	173,523	-1	618,674	0	2,412,303	0

Table 2: Cars bought on finance by businesses
New business	Nov 2019	% change on prev. year	3 months to Nov 2019	% change on prev. year	12 months to Nov 2019	% change on prev. year
New cars
Number of cars	25,756	-18	85,340	-9	389,798	-4
Used cars
Number of cars	3,718	-17	12,859	-25	59,412	6