Deloitte SMMT new car registration figures
8 April 2015
Commenting on the latest car registration figures from the Society of Motor Manufacturers and Traders, which show a 6.0% increase to 492,774 units compared with March 2014, Neil Marshall, automotive analyst at Deloitte, said:
“It was always going to be a tough challenge to exceed the new car sales figures achieved in March 2014, which was the second highest since the 1999 introduction of the twice-yearly plate change. It is quite an achievement to have not only maintained the growth story which is now in its 37th consecutive month, but also to have pushed sales to their highest level in 16 years.
“As interest rates remain at historic low levels and inflation is sitting below the Bank of England’s target, private and business consumers alike will be encouraged by the competitive finance offerings available when considering new car purchases. This is reflected in both markets showing growth this month. Indeed, the relative strength in the new car market may reflect consumers taking advantage of the low rates on offer now, before any uncertainty arises from the forthcoming General Election.
“Whilst the Q4 2014 Deloitte CFO Survey rated the May election and any possible resulting policy change as the biggest risk to business, the recent announcements of significant investment by automotive manufacturers in their UK operations is a further indication of the UK’s automotive success story. This is supported by a new car market firmly established as the second largest in Europe.
“It is also worth noting that the possible restrictions on diesel vehicles, combined with lower petrol prices, may be having an impact. Whilst in March 2014 the increase in diesel cars was numerically greater than the growth in petrol ones, growth in petrol vehicles last month was double the increase in diesel sales. The growth in diesel cars was only just ahead of that achieved by alternatively fuelled vehicles.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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The information contained in this press release is correct at the time of going to press.
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