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Car buyer debt increases further despite warnings

15% increase in average new car finance debt compared to last year

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The latest monthly car finance figures show that car buyers are borrowing more and more money to finance both new and used cars, despite all the media attention directed at PCP car finance.

Overall borrowing in July was up despite a slowdown in new car volumes, which mirrored the new car registration figures from the SMMT for the same period.

The results for July, published today by the Finance and Leasing Association (FLA), show a 7% decrease in the number of new cars financed in July compared to last year, but the average borrowing increased by a significant 15%, meaning that total car finance debt grew by 3% over the same month last year.

Used car results also show that more buyers are continuing to borrow through dealer-provided finance, and are continuing to borrow more money on each car. Overall use car finance debt increased by 17% over the same month last year, which was a result of 10% more cars being financed at an increase of 6% more borrowing per car.

   

The used car results reflect an increasing number of car buyers choosing PCP car finance for used cars as well as new cars. Used car finance via dealers has doubled in the last five years, with an increase of 23% average borrowing per car in that time.

Car finance results, July 2017
Table (c) Finance and Leasing Association

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Stuart Masson
Stuart Massonhttp://executivecondominium.info/
Stuart is the Editorial Director of our suite of sites: The Executivecondominium, and . Originally from Australia, Stuart has had a passion for cars and the automotive industry for over thirty years. He spent a decade in automotive retail, and now works tirelessly to help car buyers by providing independent and impartial advice.

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Car buyer debt increases further despite warnings 1
Car buyer debt increases further despite warnings 2
Car buyer debt increases further despite warnings 3
Car buyer debt increases further despite warnings 4

Latest articles

Suzuki Vitara

The Suzuki Vitara has received generally good reviews from the UK media, with our Expert Rating currently placing it in the top half of the small SUV field.

Mazda CX-5

The Mazda CX-5 has received many good reviews from the UK media, with an overall Expert Rating that places it at the top end of the mid-sized SUV sector.

Honda HR-V

The Honda HR-V has received fairly average from the UK media, with our overall Expert Rating currently ranking it in the middle of the small SUV field.

Volvo XC60

The Volvo XC60 has received good to very good reviews from the UK media and has won many awards since it was launched, including the 2018 World Car of the Year.

Citroën C3 Aircross

The Citroën C3 Aircross has received modest reviews from the UK media, with praise for its versatility and individuality but criticism for a lack of refinement.

What are your thoughts? Let us know below.

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