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Market Data Sponsored by Auto Finance Market Data Consumer car finance new business volumes fell by 3% in July 2022 Published: 12th September 2022 Share New figures released on September 8th by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in July 2022 by 3% compared with the same month in 2021. However, the corresponding value of new business increased by 5% over the same period. In the first seven months of 2022, new business volumes were also 5% higher than in the same period in 2021. The consumer new car finance market reported a fall in new business of 5% by value and 14% by volume in July compared with the same month in 2021. In the first seven months of 2022, new business volumes in this market were 5% lower than in the same period in 2021. The consumer used car finance market reported new business up 13% by value, and 3% by volume in July compared with the same month in 2021. In the first seven months of 2022, new business volumes in this market were 11% higher than in the same period in 2021. Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The consumer new car finance market remained subdued in July as shortages of supply continued to disrupt the market’s post-pandemic recovery. By contrast, the consumer used car finance market reported its ninth consecutive month of double-digit growth in the value of new business and a return to growth in new business volumes. “Despite the challenges posed by the worst inflationary environment since the 1970s, the motor finance industry remains in a strong position to continue to meet demand for the financing of car purchases in the coming months, while providing targeted support to those customers who may need it. “As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.” Cars bought on finance by consumers through the point of sale New business July 2022 % change on prev. year 3 months to Jul 2022 % change on prev. year 12 months to Jul 2022 % change on prev. year New cars Value of advances (£m) 1,336 -5 4,290 -12 17,433 -3 Number of cars 52,239 -14 169,464 -18 713,004 -7 Used cars Value of advances (£m) 1,979 13 6,197 14 23,049 22 Number of cars 129,687 3 399,038 0 1,511,825 6 Total cars Value of advances (£m) 3,314 5 10,487 2 40,482 10 Number of cars 181,926 -3 568,502 -6 2,224,829 2 Cars bought on finance by businesses New business July 2022 % change on prev. year 3 months to Jul 2022 % change on prev. year 12 months to Jul 2022 % change on prev. year New cars Number of cars 21,194 -16 65,818 -21 272,609 -12 Used cars Number of cars 7,717 9 99 30,364 165 75,556 45 Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories Market DataConsumer car finance new business grew by 8% in April Market DataConsumer car finance new business volumes fell by 7% in March 2024 Market DataConsumer car finance new business volumes grew by 1% in February 2024 Auto Finance