SMMT: July update
Good news for the economy this week when The Society of Motor Manufacturers and Traders (SMMT) released the latest new car registration volumes for July.
The month saw 172,907 new cars registered, indicating continued growth for the 29th consecutive month.
Economic confidence and tempting finance have driven the market up 10.1% year-to-date to 1,460,172 units with the July figures representing, a 6.6% rise.
Mike Hawes, Chief Executive at SMMT, said, “July saw the new car market extend its record period of growth to a 29th month, as confident consumers took advantage of an array of new products and attractive finance deals on the latest fuel-efficient new cars.
“The continued positivity has led to an uplift in the SMMT full year forecast to 2.45million passenger car registrations, a rise of 8.1%.
“However, the more moderate growth of the last three months shows that overall demand is beginning to stabilise.”