Auto Finance Sponsored by Auto Finance Market Data Consumer car finance new business volumes fell by 3% in October 2023 Published: 7th December 2023 Share New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell by 3% in October 2023 compared with the same month in 2022. The corresponding value of new business was 2% lower over the same period. In the ten months to October 2023, new business volumes remained 6% lower than in the same period in 2022. The consumer new car finance market reported new business up 1% by value but 2% lower by volume in October compared with the same month in 2022. In the ten months to October 2023, new business volumes in this market remained 5% lower than in the same period in 2022. The consumer used car finance market reported a fall in new business in October of 5% by value and 4% by volume compared with the same month in 2022. In the ten months to October 2023, new business volumes in this market were 6% lower than in the same period in 2022. Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The consumer car finance market remains remarkably resilient despite the subdued economic outlook, with the value of new business expected to be only 4% lower in 2023 than in 2022. “FLA’s latest research also suggests that the value of consumer car finance new business in 2024 is expected to grow by 2% to £40.1 billion. The value of new business provided to consumers for new car purchases is forecast to grow by 9% in 2024 to £18.9 billion, while consumer used car finance new business by value is expected to fall by 4% in 2024 to £21.2 billion.” Cars bought on finance by consumers through the point of sale New business Oct 2023 % change on prev. year 3 months to Oct 2023 % change on prev. year 12 months to Oct 2023 % change on prev. year New cars Value of advances (£m) 1,387 1 4,504 3 17,000 -2 Number of cars 51,953 -2 169,705 -2 651,933 -6 Used cars Value of advances (£m) 1,831 -5 5,571 -8 22,222 -7 Number of cars 123,390 -4 369,296 -7 469,574 -5 Total cars Value of advances (£m) 3,218 -2 10,074 -3 39,223 -5 Number of cars 175,343 -3 539,001 -5 2,121,507 -6 Cars bought on finance by businesses New business Oct 2023 % change on prev. year 3 months to Oct 2023 % change on prev. year 12 months to Oct 2023 % change on prev. year New cars Number of cars 34,123 41 99,585 51 365,350 40 Used cars Number of cars 5,928 -31 15,666 -20 60,243 -30 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
