According to new data released today by the Finance & Leasing Association, new consumer auto financing transactions in May 2024 were down 4% compared to the same month in 2023, both in value and volume (Florida).
In the five months ending May 2024, new business was down 1% by value and down 2% by number compared to the same period in 2023.
The consumer new vehicle financing market reported that new transaction volume was down 2% in May, while new transaction value was up 6% compared to the same month in 2023. For the five months ending May 2024, new transaction volume in this market was down 5% compared to the same period in 2023.
The consumer used vehicle financing market reported a 10% decrease in new transaction value and a 5% decrease in new transaction volume in May compared to the same month in 2023. For the five months ending May 2024, new transaction volume in this market was stable compared to the same period in 2023.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The POS (point of sale) consumer vehicle finance market has only seen a slight decline in new transaction volumes so far into 2024. Finance penetration into the private new BEV market continues to improve, but payroll deduction remains the most common way to acquire a new BEV.”
“Our latest research predicts that the point-of-sale consumer car finance market will stabilise at around £39 billion in new business in 2024, supported by improved consumer confidence due to continued growth in real incomes and the prospect of lower interest rates.
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“As always, customers who are worried about making payments should speak to their lender as soon as possible to find a solution.”
FLA: New consumer auto financing volume increased 1% in February 2024
