Car registrations in the UK went over the two million mark for the first time since 2008 it was announced last week.
Private sales were the main contributor to the increase in sales with a market growth of 5.3% of which there was an increase of 12.9% coming from the private car sector.
This sector has probably seen the nice increase in growth coming from discounted models that have been imported from the rest of Europe’s struggling markets but consumer confidence has increased with house prices being high and unemployment figures being low as the UK gradually comes out of recession.
This along with the ever increasing number of different offers available from free insurance, free servicing costs and 0% finance plans has given buyers more reason to consider changing their older cars which has led to this increase in figures.
Chief executive Paul Everitt of the SMMT has been quoted saying such factors make this an “attractive time to buy”, in a market that grew stronger in each quarter.
A lot of these buyers are buyers that previously were changing their cars every three years, avoiding the higher maintenance costs and MOT requirements. With the increase in offers and confidence these buyers are now coming back into the market seeing the benefit of the lower running costs of newer models.
It is expected that this increase in vehicle sales will increase slightly in to 2013 depending on the economy remaining stable.
It’s been a difficult last 4 years for the motor industry and it’s nice to see that things look like they have turned a corner and car selling in the new car sector is on the increase, only time will see if we can return to the kind of sales we were appreciating prior to the UK recession.
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