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Market Data Sponsored by Market Data Consumer car finance new business grew by 4% in September Published: 7th November 2024 Share 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 saleNew businessSep 2024% change on prev. year3months to Sep 2024% change on prev. year12 months to Sep 2024% change on prev. yearNew carsValue of advances (£m)2,611164,9761217,4183Number of cars91,6458175,7045625,501-4Used cars Value of advances (£m)1,796-15,464-321,369-4Number of cars120,6021369,45101,448,355-2Total cars Value of advances (£m)4,407810,440438,787-1Number of cars212,2474545,15512,073,856-3 Table 2: Cars bought on finance by businessesNew businessSep 2024% change on prev. year3 months to Sep 2024% change on prev. year12 months to Sep 2024% change on prev. yearNew carsNumber of cars32,371-780,791-15359,6742Used cars Number of cars4,005-1315,721-160,579-3 Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories Market DataUK inflation hits 2.3% in October as energy costs surge Market DataUK corporate insolvencies drop 10% in October 2024 Market DataTransition risk losses alone unlikely to threaten EU financial stability