Growth for new car market

Growth For New Car Market

The British new car market experienced modest growth in October, following a bumper plate-change month in September. That’s according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT).

Registration Growth

180,168 cars were driven off the UK’s forecourts last month as registrations grew 1.4%.

Fleet Demand

Fleet registrations drove the growth, with demand rising 4.2%, while registrations to private buyers fell by 1.1% as the market, currently at an all-time high, stabilises after a lengthy period of growth.

Unconventional Growth

Alternatively fueled vehicles continued to grow in popularity, rising 12.4% in October and 23.3% in the year so far to 75,987 registrations – the highest ever level achieved in the first 10 months of the year.

Overall Market

Year-to-date performance for the overall market remains ahead by 2.5%, with 2,330,663 new cars registered.

Welcome News

Mike Hawes, SMMT Chief Executive, said, “September’s number plate change is always a hard act to follow, so the market’s growth in October, albeit moderate, is welcome news.”

Buoyancy

Hawes added: “Low interest rates, affordable finance packages and a range of exciting new models helped attract buyers into showrooms, and we now look to government to ensure consumer and business confidence remains buoyant.”