INCREDIBLE: Best month in decade for car industry
March enjoyed the biggest number of new car registrations since 2004, Society of Motor Manufacturers and Traders’ (SMMT) statistics have revealed.
Last month, the UK recorded 464,824 new car registrations – a 17.7% increase – as demand for the new 14-plate surged.
Since the move to the twice-yearly plate change in 1999, only March 2004 saw higher registrations (466,954).
Year-to-date figures were also up by 13.7% to 688,122 units, while alternatively-fuelled vehicles enjoyed their biggest-ever month, at 8,713 units.
“There has never been a better time to buy a new car thanks to attractive finance deals and advanced technologies.”
Mike Hawes, SMMT
Mike Hawes, Chief Executive at the SMMT, said: “New car registrations surged 17.7% in March to 464,824 units, a surprisingly strong level of growth and a reflection of intensifying consumer confidence and the availability of great new products.
“Given the past six years of subdued economic performance across the UK, there is still a substantial margin of pent-up demand that is contributing to a strong new and used car market.
“There has never been a better time to buy a new car thanks to attractive finance deals and advanced technologies that often make new cars cheaper to run.
“We expect the market to continue to perform positively for the rest of the year, albeit at a more modest rate.”