A decade of record growth for the automotive industry has resulted in there being almost 32 million cars on British roads an all-time high according to new figures.
The results of a study by the Society of Motor Manufacturers and Traders (SMMT) found that an additional 436,000 new cars were on the roads in the UK last year, bringing the total to 31,917,885. Coupled with this, reliability of old cars also improved as less vehicles were scrapped, a critical factor in pushing the UK parc the total number of vehicles on the market up to new highs.
Consequently, there are two important things for the motor trade industry to consider, particularly when companies weigh up their motor trade insurance policy; both the number of vehicles they are dealing with as well as the age of said vehicles is going to increase. Motor traders will therefore need to make sure both these aspects are covered in their policy. In essence, with all signs pointing towards a boom for the industry, it is imperative that firms do not just look for the cheapest motor trade insurance policy because they could run the risk of under-insuring as their business swells.
The SMMT survey is the biggest census ever conducted on UK car ownership by an auto industry body. It found that the number of cars older than 12 years on the roads rose by 11.3 per cent in 2013 compared with the year before, while over the last decade the age of the average car on UK roads has risen by a whole year to 7.7 years old.
Other key findings included that almost a fifth of the cars on the roads are made in Britain, second only in terms of market share to German cars. Ford remained the most popular individual car-maker in the UK, while silver was the most common colour of vehicle.
SMMT\’s chief executive Mike Hawes said: With more cars bought and less scrapped in recent years, the total number on UK roads reached an all-time high last year.
Major investment by manufacturers in advanced production techniques, supported by longer vehicle warranties, has seen car reliability enhanced still further. Additionally, spreading the cost of regular maintenance through service packages makes car ownership more affordable, so it is not surprising that people are running cars for longer.â€
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