Fleet News

Consumer motor finance market grows by a quarter in January 2014

Figures released today by the Finance & Leasing Association (FLA) show growth of 25% in the number of cars bought by consumers using dealer finance in January 2014, compared with the same month last year.

Consumer new and used car finance volumes grew by similar rates – up 24% and 25% respectively. 

FLA members’ penetration of the private new car registrations market in the twelve months to January reached 74.5%, equaling the previous peak reported in August 2013.

Commenting Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said:

“Today’s figures reflect the latest FLA Motor Finance Confidence Survey for Q1 2014 that found motor finance providers remain optimistic about growth in 2014. The majority of respondents expect retail motor finance for new and used cars to grow by up to 10% over the next twelve months.”

Table 1: Cars bought on finance by consumers through dealerships

 

Jan-14

% change on prev. year

3 months to Jan 2014

% change on prev. year

12 months to Jan 2014

% change on prev. year

New cars

Value of advances (£m)

800

+31

2,482

+24

12,200

+28

Number of cars

53,727

+24

160,129

+17

808,200

+20

Used cars

Value of advances (£m)

877

+32

2,241

+30

8,986

+22

Number of cars

89,426

+25

224,705

+24

933,322

+17

 



Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Comment as guest


Login  /  Register

Comments

No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee