Auto Finance Market Data

Consumer car finance new business volumes fell by 3% in October 2023

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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  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