British consumers bought more new cars in 2014 than in any year in the last decade as cheap finance deals and a growing economy fuelled confidence.
There were 2.48m new cars sold across the UK, up 9.3% on 2013 and beating industry expectations of 2.45m sales. Growth last year put the UK ahead of its peers in the EU, where growth was an average of 5.7% in data available for January to November.
Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, said: “UK new car registrations returned to pre-recession levels in 2014, as pent-up demand from the recession years combined with confidence in the economy saw consumer demand for the latest models grow consistently and strongly.”
Sales in December were stronger than expected at 166,198 vehicles, up 8.7% compared with the same month in 2013 and extending the longest run of growth since records began in 1959 to 34 months. However, Hawes said growth was likely to slow in 2015 against a backdrop of heightened uncertainty in the UK.
“We expect to see some growth but more stable growth. The second half of the year is a bit more uncertain because of a potential rise in interest rates and the impact of a general election and new government. It will also depend on what happens in the rest of Europe.”
The number of new alternatively-fuelled vehicles sold jumped 58% in 2014, as consumers sought reduced costs and greater efficiency.
David Raistrick, UK automotive leader at Deloitte said: “In the year ahead, it will be interesting to see whether the falling price of petrol and diesel impacts the alternatively-fuelled vehicle market.”
Oil prices have fallen sharply since last summer, and were below $50 for a time on Wednesday. The falling price of oil is starting to feed through to UK petrol pumps, benefiting consumers. Deloitte is predicting new car sales will be broadly flat in the UK in 2015, or possibly slightly lower than in 2014.
theguardian.com
There were 2.48m new cars sold across the UK, up 9.3% on 2013 and beating industry expectations of 2.45m sales. Growth last year put the UK ahead of its peers in the EU, where growth was an average of 5.7% in data available for January to November.
Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, said: “UK new car registrations returned to pre-recession levels in 2014, as pent-up demand from the recession years combined with confidence in the economy saw consumer demand for the latest models grow consistently and strongly.”
Sales in December were stronger than expected at 166,198 vehicles, up 8.7% compared with the same month in 2013 and extending the longest run of growth since records began in 1959 to 34 months. However, Hawes said growth was likely to slow in 2015 against a backdrop of heightened uncertainty in the UK.
“We expect to see some growth but more stable growth. The second half of the year is a bit more uncertain because of a potential rise in interest rates and the impact of a general election and new government. It will also depend on what happens in the rest of Europe.”
The number of new alternatively-fuelled vehicles sold jumped 58% in 2014, as consumers sought reduced costs and greater efficiency.
David Raistrick, UK automotive leader at Deloitte said: “In the year ahead, it will be interesting to see whether the falling price of petrol and diesel impacts the alternatively-fuelled vehicle market.”
Oil prices have fallen sharply since last summer, and were below $50 for a time on Wednesday. The falling price of oil is starting to feed through to UK petrol pumps, benefiting consumers. Deloitte is predicting new car sales will be broadly flat in the UK in 2015, or possibly slightly lower than in 2014.
theguardian.com
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