New car finance sales uup 12% by value in October

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The consumer new car finance market reported growth in new business of 12% by value and 2% by volume in October compared with the same month in 2021.

In the ten months to October 2022, new business volumes in this market were 6% lower than in the same period in 2021, according to the Finance & Leasing Association (FLA)

The consumer used car finance market reported new business up 7% by value and 5% by volume in October compared with the same month in 2021. Year to date business volumes in this market were 9% higher than in the same period in 2021.

Geraldine Kilkelly, director of research and chief economist at the FLA, said: “In October, the consumer new car finance market reported monthly growth for only the fourth time so far this year, while further growth in the consumer used car finance market reflected the consistently robust performance by this market over the same period.

“The point-of-sale consumer car finance market is expected to report new business volumes in excess of 2.2 million vehicles in 2022 as whole, 4% higher than in 2021, but 10% lower than in 2019 as supply shortages continue to weigh on the recovery of the new car market.

The gradual easing of these shortages should support new business volumes over the next twelve months despite the pressure on real household incomes.

Table 1: Cars bought on finance by consumers through the point of sale
New business Oct 2022 %

change on prev. year

3
months to Oct 2022
% change on prev. year 12 months to Oct 2022 % change on prev. year
New cars            
Value of advances (£m) 1,429 12 4,432 1 17,485 3
Number of cars 54,702 2 175,015 -7 699,920 -3
Used cars            
Value of advances (£m) 1,874 7 5,969 11 23,569 24
Number of cars 124,595 5 391,647 5 1,534,298 11
Total cars            
Value of advances (£m) 3,303 9 10,401 7 41,054 14
Number of cars 179,297 4 566,662 1 2,234,218 6
             
             
Table 2: Cars bought on finance by businesses
New business Oct 2022 %

change on prev.

year

3

months to Oct

2022

% change on prev. year 12 months to Oct 2022 % change on prev. year
New cars            
Number of cars 25,223 9 68,605 -5 268,687 -12
Used cars            
Number of cars 8,180 64 18,711 54 82,259 68

 

 





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