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Consumer car finance new business volumes fell in November 2022 by 6% compared with the same month in 2021.
New figures released by the Finance & Leasing Association (FLA) show that the corresponding value of new business decreased by 5% over the same period. In the eleven months to November 2022, new business volumes were 3% higher than in the same period in 2021.
The consumer new car finance market reported a fall in new business of 3% by value and 9% by volume in November compared with the same month in 2021. In the eleven months to November 2022, new business volumes in this market remained 6% lower than in the same period in 2021.
The consumer used car finance market reported a fall in new business of 6% by value and 5% by volume in November compared with the same month in 2021. In the eleven months to November 2022, new business volumes in this market were 8% higher than in the same period in 2021.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The consumer new car finance market has reported lower new business volumes throughout much of the second half of 2022 as supply shortages continued to weigh on its recovery. For the first time in more than a year the consumer used car finance market reported a fall in both the value and volume of new business.
“Overall, the consumer car finance market is on track to report new business by value 6% higher in 2022 than the 2019 level, while new business volumes in 2022 are expected to remain 11% lower than pre-pandemic.
“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”