cars

The average amount financed for new and used cars reached a new record in the UK during November last year, despite faltering sales.

The average amount financed per new car was £20,770 (calculated by dividing the total amount financed by the number of new cars funded), while average used car finance reached £12,499.

The figures are based on data from the Finance and Leasing Association, which showed total point of sale car finance rose 2% in November compared to the same month last year, against a 1% fall in the number of cars being funded.

Funding levels were static in the new car market, against a 2% fall in the number of cars funded, while there was an increase of 5% in the amount funded in the used car market, despite static sales.

The percentage of private new car sales financed by FLA members through the POS was 91.2% in the year to the end of November.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The POS consumer car finance market is on course for single-digit new business volumes growth in 2018 as a whole, despite the quieter performance of the market in November.”

UK POS car finance market - Average amount financed

uk pos car finance market 

 Cars bought on finance by consumers through dealerships

New businessNov 2018 

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Nov 2018

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Nov 2018

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New cars
Value of advances (£m) 1,411 0 5,418 -6 19,378 +2
Number of cars 67,936 -2 263,085 -9 961,990 -3
Used cars
Value of advances (£m) 1,350 +5 4,400 +9 17,463 +13
Number of cars 108,012 0 355,868 +4 1,454,568 +7
Total cars
Value of advances (£m) 2,761 +2 9,818 0 36,841 +7
Number of cars 175,948 -1 618,953 -2 2,416,558 +3