Consumer car finance new business volumes grew in February 2024 by 1% compared with the same month in 2023, according to figures released by the Finance & Leasing Association (FLA).

The corresponding value of new business was at a similar level to February 2023. In the first two months of 2024, new business by value and volume each fell by 1% compared with the same period in 2023.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The consumer new car finance market reported new business by value in February 4% higher than in the same month in 2023, while new business volumes fell by 5%.  In the first two months of 2024, new business volumes in this market were 12% lower than in the same period in 2023.

The consumer used car finance market reported a fall in the value of new business in February of 2% compared with the same month in 2023, while new business volumes increased by 2%.  In the first two months of 2024, new business volumes in this market were 2% higher than in the same period in 2023.

Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “February saw the consumer car finance market report its first growth in new business volumes overall since October 2022, supported by another positive month for the used car finance market.

“FLA’s latest research suggests that the value of consumer car finance new business in 2024 will hold steady at £39 billion. The value of new business provided to consumers for new car purchases is forecast to grow by 5% in 2024 to £18 billion, while consumer used car finance new business by value is expected to fall by 5% in 2024 to £21 billion.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.