Sales of new cars in the UK have hit a 5 year high as over 400,000 new cars rolled out off show room floors last month.
New sales figures for September 2013 released by the SMMT have shown an increase of 12.1 percent compared to the same month last year. These figures mark the 19th month of improved car sales in the UK.
Chief executive of the Society of Motor Manufacturers and Traders, Mike Hawes said,“The September new car registrations figure was the highest monthly total since March 2008. With over 400,000 new cars registered for the first time in more than five years, the UK market is reflecting growing economic confidence. Robust private demand has played a major role in this growth with customers attracted by exciting, increasingly fuel-efficient new models that offer savings in the cost of ownership. This is the 19th consecutive month of steady growth and, with fleet and business demand still to reach pre-recession levels, we believe the performance to be sustainable. The latest 63-plate should deliver positive results into next year.”
‘The UK market is reflecting growing economic confidence,’ he said.More than 400,000 cars were sold in September, the largest monthly total since March 2008, with experts suggesting windfalls from PPI mis-selling claims unlocked a wave of demand from buyers.
The figures also reveal that petrol power still remains the fuel of choice for new car buyers, but by a small margin. Over 203,000 petrol cars were registered in September compared to 192,000 diesel powered cars.
The good news doesn’t end there for the motor industry. Figures released by the British Car Auctions has found that used car values have also risen. The average cost of a used car now stands at £7,007, an increase of £692, or 10.9 per cent, compared to the same time last year. For those people looking to take advantage of this inflation in prices there are many ways to get a realistic valuation on your used car. One place is Honda’s Used Car Valuation website, its powered by CAP and is an ideal way to get an independent and up to date valuation on your used car.
The Ford Fiesta remains the darling of the motor industry with an impressive 20,600 vehicles sold in September. Vauxhall’s Corsa came in second place with 14,500 vehicles sold.
The return to pre recession levels has been seen as a huge relief for the motor industry and economy in general. The renewed consumer confidence combined with better than expected growth in the UK has been heralded as a slow but sure return to prosperity in the UK. The fact that more than 1 in 7 new cars registered in the month is built here in the UK is great news for the country as a whole.
In contrast, the Germany saw a slight decrease in new car sales with a drop of 1.2 percent in September.