New vehicle registrations continue their surge in the UK – with July figures showing a 3.2 per cent rise from the same month last year, according to the Society of Motor Manufacturers and Traders (SMMT).
July saw 178,420 new cars registered on UK roads, representing the 41st consecutive month of increases in new car registrations. This amounts to an overall increase of 6.5 per cent in new car registrations compared to the first seven months in 2014.
While the fist six months of 2015 represented an all-time record high for registrations – with over 1.5 million vehicles registered – the July figures are showing signs of stabilising trends, according to the SMMT.
General economic confidence, low interest rates and attractive finance deals continue to drive consumer confidence, with buyers favouring the theme of downsizing. The markets for superminis and crossvers have grown exponentially over the last ten years, with superminis and crossovers reporting sales increases of 22.7 and 88.5 per cent since 2005, respectively.
Mike Hawes, SMMT Chief Executive expects the rise in demand to persist throughout 2015: “While more moderate than in recent months, July’s rise in new car registrations is good news, and indicative of what we expect for the remainder of 2015. With demand having reached a record high in the first half of the year, we anticipate more stable growth in the coming months.”
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