Motor Finance highlights some of the key figures from the FLA and SMMT.

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Analysis

The latest figures released by the FLA show that the point of sale (POS) consumer car finance market fell by 1% in November, compared with the same month in 2017. Private new car sales financed by FLA members through the POS was 91.2%. The POS consumer used car finance market reported new business in November up 5% by value, while volumes remained at a similar level to the same month in 2017. 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.”

Analysis

The UK new car market declined by -6.8% in 2018, with annual registrations falling for a second year to 2,367,147 units, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). A -5.5% decline in December capped a turbulent year of model changes, regulatory upheaval and continued antidiesel policies, adding to the ongoing decline in consumer and business confidence.

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Mike Hawes, SMMT Chief Executive, said: “A second year of substantial decline is a major concern, as falling consumer confidence, confusing fiscal and policy messages and shortages due to regulatory changes have combined to create a highly turbulent market. The industry is facing evertougher environmental targets against a backdrop of political and economic uncertainty that is weakening demand so these figures should act as a wake-up call for policy makers.” Despite the overall decline in 2018, demand for new cars in the UK remains solid.