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Consumer car finance market up by 10% in May

The consumer new car finance market grew by 15% by value and 10% by volume year-on-year in May, according to the latest data from the Finance & Leasing Association (FLA).

The percentage of private new car sales financed by FLA members through the POS was 89.3% in the 12 months to May 2018, unchanged compared with the same period to April 2018.

The POS consumer used car finance market also reported new business growth in May 2018 of 12% by value and 9% by volume.

Geraldine Kilkelly, FLA head of research and chief economist, said: “Monthly falls in new business volumes reported by the consumer new car finance market in the first three months of 2018 have been followed by a recovery in April and May, in line with demand for new car purchases.

“The POS consumer car finance market reported new business volumes overall up by 4% in the first five months of 2018, consistent with expectations for the year as a whole.”

Cars bought on finance by consumers through dealerships

New business May 2018 % change on prev. year 3 months to May 2018 % change on prev. year 12 months to May 2018 % change on prev. year
New cars            
Value of advances (£m) 1,615 15 6,657 5 19,337 3
Number of cars 78,158 10 329,303 -1 977,508 -6
Used cars            
Value of advances (£m) 1,552 12 4,578 13 16,370 13
Number of cars 131,389 9 387,565 8 1,408,064 8
Total cars            
Value of advances (£m) 3,166 13 11,236 8 35,707 7
Number of cars 209,547 9 716,868 3 2,385,572 1

Cars bought on finance by businesses

New business May 2018 % change on prev. year 3 months to May 2018 % change on prev. year 12 months to May 2018 % change on prev. year
New cars            
Number of cars 40,826 -2 132,595 -4 461,482 -4
Used cars            
Number of cars 4,369 35 17,398 52 63,646 15

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