According to statistics from the Society of Motor Manufacturers and Traders (SMMT), UK new car registrations increased 3.3% in August.
81,640 new cars were registered in August, a 3.3% increase on last year’s figure. So far, 1.68 million units have been sold across the year, an increase of 2.8% compared to last year. Pretty impressive numbers!
Ordinarily, we wouldn’t expect to be busy in August, and Mike Hawes, SMMT Chief Executive agreed. “August is traditionally one of the quietest months as consumers look ahead to the September plate change, so growth, albeit small, is good news. With showrooms full of exciting models featuring the very latest technology and a raft of affordable finance options, it still makes economic sense to consider buying a new car.”
Many believed that the vote to leave the EU would impact on the sales of new cars. While we’ve seen the post-Brexit effect on the pound, so far that doesn’t seem to be the case in the world of car sales. The main reason for this is probably due to a lot of people choosing to pay for their cars with a fixed monthly repayment scheme which makes them seem more affordable. This takes the strain out of payments and thus, the mindset of cars being “the second biggest purchase you’ll ever make”, has shifted.
Admittedly, whilst registrations of new cars were up by 3.3%, there was a slight decrease with private purchases as they fell by a minor 0.2%. However, this has been explained, as private buyers are more than likely waiting for this month’s 66 plate. With this in mind, we’re quite excited to see what the figures for private buys are at the end of this month!
If you’re looking for a brand new 66-plate car, visit one of our showrooms today.