New car market hits 10-year high in April

New car registrations in the UK for April were at their highest level for a decade, according to the latest data released by the Society of Motor Manufacturers and Traders (SMMT).

The figures showed that 185,778 units were registered last month, an increase of 5.1 per cent on last year and the highest numbers seen in April for 10 years. It bring the total in the first four months of 2015 to 920,366, a 6.4 per cent rise from the same time last year.

Rising new car sales have been shown to lead to improved business for used car dealers too, as more people look to trade in their older vehicles. For any car trader, whether a franchise selling brand new cars or a small independent showroom selling used vehicles, it is important that they regularly re-evaluate their motor trade insurance policy as the market develops to ensure it provides adequate protection for all of the business' assets.

SMMT stated that April’s strong performance, which comes after a record first quarter for the sector, tracks a 12-year high for consumer confidence and continues a pattern of growth in new car registrations around general elections that dates back to 1979.

Mike Hawes, SMMT chief executive, commented: "Today’s figures highlight the current strength of consumer confidence, even at a time of such political uncertainty.

"We are confident that the UK’s new car market – so symbolic of economic mood – will continue to thrive, but long-term success will depend largely on economic and political stability in the months and years ahead. Whatever the outcome of today’s election, the next government must act quickly to uphold economic certainty and reassure consumers and markets."