Route 432 commenced operating on 15 February 2003 between Brixton Stockwell Park Walk to Crystal Palace Parade via Effra Road - Tulse Hill - West Norwood - Elder Road - Central Hill. The route was introduced to replace the withdrawn section of route 2 between Norwood Garage and Crystal Palace. The route was initially operated by Arriva London from their Norwood (N) garage using Leyland Olympians.
On 26 July 2003, the route was extended from Crystal Palace to Anerley.
In 2005, the route was retained by Arriva London and the route was converted to low floor operation using Alexander ALX400 bodied DAF DB250LFs and brand new Alexander ALX400 bodied Volvo B7TLs.
On 4 April 2015, the route passed to London General operating from their Stockwell (SW) garage using Wright Eclipse Gemini 2 bodied Volvo B9TLs introduced, plus one bus from route 468 at Camberwell garage (Q) in PM peak.
- Brixton Police Station
- Tulse Hill
- West Norwood
- Anerley Hill for Crystal Palace Station
- Anerley Station Anerley Station Road