New car registrations rose by 3.2 per cent in July compared to the same month last year, the latest figures from the Society of Motor Manufacturers & Traders (SMMT) have revealed.
In total there were 178,420 new cars registered in July, which brings the total for the first seven months of 2015 to 1,555,309 units, a 6.5 per cent jump on 2014's figure. July also marked the 41st month of consecutive growth for new car sales, with performance boosted by greater economic confidence combined with low interest rates and attractive finance deals.
Market research such as this is always valuable to those working in the motor trade industry, whether it is an individual repairing cars part-time or a large dealership. Not only can it help inform their stock and working practices but it will also inform their decision when it comes to obtaining a road risks insurance or combined motor trade insurance policy.
The Supermini market is one segment that has performed well, with a 22.7 per cent jump since 2005 as more car buyers opt to downsize their vehicles. Meanwhile, the market for Dual Purpose vehicles has seen a rise of 88.5 per cent over the past decade as manufacturers have introduced new models to cater for buyers seeking more versatility.
Mike Hawes, SMMT chief executive, commented on the latest data: “While more moderate than in recent months, July’s rise in new car registrations is good news, and indicative of what we expect for the remainder of 2015. With demand having reached a record high in the first half of the year, we anticipate more stable growth in the coming months.”