Car Sales on the Up
According to figures published today (Thursday 5 January) by the Society of Motor Manufacturers and Traders (SMMT) the UK new car market achieved another record year in 2016.
Annual registrations rose for the fifth year running to just under 2.7 million. Fleets were responsible for most of the growth, with demand growing to a record 1.38 million units. Overall, 10 out of 12 months saw an uplift in sales. In all, new registrations reached 2,692,786 in 2016 which is a 2.3% increase on 2015.
It seems that buyers were attracted not only by the range of new car models on offer but also by innovative finance deals. It meant that consumers were able to take advantage of low interest rates and flexible payment options.
Mike Hawes, SMMT Chief Executive, said, "Despite 2016's political and economic uncertainties, the UK's new car market delivered another record performance as car makers offered an incredible range of innovative and high tech models."
He hopes that despite some uncertainties in the marketplace, this year will still see growth. "2017 may well be more challenging as sterling depreciation raises the price of imported goods but, with interest rates still at historic lows and a range of new models arriving in 2017, there are still many reasons for consumers to consider a new car in 2017."