The number of cars bought with point-of-sale (POS) finance fell in September, while the volume of deals on used cars grew, figures from the Finance and Leasing Association (FLA) have shown.
Year-on-year, the volume of new cars bought on dealership finance was down 11% for the month, totalling 144,000 units.
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Despite this double digit drop, the value of the finance remained flat, at £2,869m.
Used cars fared better, with volumes up 3% to 110,000 units, and the value of advances increasing 9% to £1,277m.
Volumes for business cars on finance suffered a fall in both new and used segments: new cars were down 16% to 41,800 units and used cars down 8% to 3,800 units.
In the twelve months to September, the percentage of private new cars bought on finance from FLA members held steady at 86.0%.
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By GlobalDataGeraldine Kilkelly, FLA head of research and chief economist, said: “The performance of the POS consumer new car finance market in September continued to reflect recent trends in private new car sales.
“Despite subdued consumer confidence, new business volumes in the POS consumer car finance market overall were stable in the first nine months of 2017, compared with the same period in 2016.”
