Consumer car finance new business volumes grew in September 2024 by 4% compared with the same month in 2023, according to new figures released today by the Finance & Leasing Association (FLA). The corresponding value of new business increased by 8% over the same period. In the first nine months of 2024, new business was 2% lower by volume compared with the same period in 2023.
The consumer new car finance market reported new business by value in September 16% higher than in the same month in 2023, while new business volumes grew by 8%. In the nine months to September 2024, new business volumes in this market were 3% lower than in the same period in 2023.
The consumer used car finance market reported a fall in the value of new business in September of 1% compared with the same month in 2023, while new business volumes grew by 1%. In the nine months to September 2024, new business volumes in this market were 1% lower than in the same period in 2023.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “Overall, the consumer car finance market reported growth in both the value and volume of new business in September which saw the issue of a new registration plate.
“In Q3 2024 as a whole, new business volumes in this market were 1% higher than the same quarter in 2023.
“The consumer car finance market is the largest of the UK consumer credit markets accounting for 36% of the total value of outstanding consumer credit contracts at the end of September 2024. It currently helps more than 6 million consumers fund car purchases across all regions of the UK.”
| Table 1: Cars bought on finance by consumers through the point of sale | ||||||
| New business | Sep 2024 | % change on prev. year | 3 months to Sep 2024 | % change on prev. year | 12 months to Sep 2024 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 2,611 | 16 | 4,976 | 12 | 17,418 | 3 |
| Number of cars | 91,645 | 8 | 175,704 | 5 | 625,501 | -4 |
| Used cars | ||||||
| Value of advances (£m) | 1,796 | -1 | 5,464 | -3 | 21,369 | -4 |
| Number of cars | 120,602 | 1 | 369,451 | 0 | 1,448,355 | -2 |
| Total cars | ||||||
| Value of advances (£m) | 4,407 | 8 | 10,440 | 4 | 38,787 | -1 |
| Number of cars | 212,247 | 4 | 545,155 | 1 | 2,073,856 | -3 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Sep 2024 | % change on prev. year | 3 months to Sep 2024 | % change on prev. year | 12 months to Sep 2024 | % change on prev. year |
| New cars | ||||||
| Number of cars | 32,371 | -7 | 80,791 | -15 | 359,674 | 2 |
| Used cars | ||||||
| Number of cars | 4,005 | -13 | 15,721 | -1 | 60,579 | -3 |
