UK Car Sales Hit 10 Year Record

New UK car sales had their strongest September in ten years, boosted by confidence in the economic recovery, the Society of Motor Manufacturers and Traders has said.

Sales reached 425,861, up 5.6% on the same time last year, and represented the 31st consecutive monthly increase.

Almost two million new cars have been sold so far this year – 9.1% up on the same period last year.

September is usually a busy month because of the new registration plate.

SMMT chief executive Mike Hawes said: “September’s strong performance underlined the continuing robustness of the UK new car market, particularly in the context of last September’s bumper volumes.

“Demand for the new 64-plate has been boosted by intensifying confidence in the UK economy, with consumers attracted by a wide range of exciting, increasingly fuel-efficient, new cars.”

However, he warned that the market was coming off the boil.

“In the months since March – which saw an 18% jump in registrations – the growth has shown signs of levelling off as the market starts to find its natural running rate,” Mr Hawes said.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.