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August Sees Drop in New Consumer Car Finance Deals

October 30, 2019 by Logan Biggs

Motor traders will probably be interested to read that, according to the Finance and Leasing Association (FLA), there was a drop in the number of new point of sale consumer car finance deals in August 2019 when compared with the same month last year.

In August 2019, there were 49,762 new cars purchased by consumers using such finance. This was a fall of 2% in comparison to August 2018. In the 3 months to August 2019 the figure was 198,734 with this being a 2% fall when compared with the same period last year. In the year to August 2019, some 940,281 new cars were bought using such finance with this being a fall of 5% – a significant percentage.

In August 2019, the value of such advances amounted to £991 million with this being 2% more than August 2018. In the 3 months to August 2019 the figure was £4,070 million – unchanged from the same period last year. In the 12 months to August 2019 the figure was £19,364 million – a drop of 2%.

When looking at the figures for used point of sale consumer car finance the number of cars in August funded in this way was 125,497 – a drop of 2% when compared with the same month last year. In the 3 months to August 2019, the figure was 379,467 – a rise of 1% when compared with the same period last year. In the 12 months to August 2019 the figure was 1,472,739 – a rise of 2% in comparison to the same period in 2018.

In August 2019, the value of such advances amounted to £1,524 million – a drop of 1% when compared with August 2018. In the 3 months to August 2019 the figure was £4,633 million – a rise of 2% when compared with the same period to August 2018. In the year to August 2019 the figure was £18,057 million – a rise of 5% in comparison to the same period last year.

The number of new cars purchased by businesses on such finance in August 2019 totalled 23,289 – a drop of 11% in comparison to the same month last year and the number of used cars purchased by businesses using such finance in August 2019 was 5,083 – a rise of 25% in comparison to August 2018.  


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