FLA forecasts consumer car finance to fall 6% in 2023

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The worth  automobiles bought on finance to customers is ready to fall 6% in 2023 in line with the Finance & Leasing Affiliation (FLA).

Geraldine Kilkelly, director of analysis and chief economist on the FLA, mentioned: “Whereas the financial outlook has improved, challenges stay for households and companies as they take care of the affect of upper costs, taxes, and rates of interest.  We count on the buyer automotive finance market to report a fall in new enterprise by worth of round 6% in 2023 as a complete.”

Kilkelly’s feedback got here because the FLA launched figures which confirmed the buyer new automotive finance market reported new enterprise up 3% by worth in February in contrast with the identical month in 2022, whereas new enterprise volumes held regular.

Within the first two months of 2023, new enterprise volumes on this market had been 6% decrease than in the identical interval in 2022.

The buyer used automotive finance market reported a fall in new enterprise of 8% by worth and 6% by quantity in contrast with the identical month in 2022.

Within the first two months of 2023, new enterprise volumes on this market decreased by 3% in contrast with the identical interval in 2022.

 

Desk 1: Automobiles purchased on finance by customers by means of the purpose of sale
New enterprise Feb 2023 %

change on prev. yr

3
months to Feb 2023
% change on prev. yr 12 months to Feb 2023 % change on prev. yr
New automobiles
Worth of advances (£m) 789 3 3,156 -4 17,228 -4
Variety of automobiles 31,939 0 121,837 -10 679,280 -10
Used automobiles
Worth of advances (£m) 1,833 -8 5,084 -5 23,464 9
Variety of automobiles 122,649 -6 345,264 -2 1,543,765 2
Complete automobiles
Worth of advances (£m) 2,622 -5 8,240 -5 40,692 3
Variety of automobiles 154,588 -5 467,101 -4 2,223,045 -2
Desk 2: Automobiles purchased on finance by companies
New enterprise Feb 2023 %

change on prev.

yr

3

months to Feb

2023

% change on prev. yr 12 months to Feb 2023 % change on prev. yr
New automobiles
Variety of automobiles 21,532 34 77,448 28 291,664 -3
Used automobiles
Variety of automobiles 3,622 -47 13,176 -31 77,125 35

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