2014 shows boom in new car sales
Used cars have always been the favourite for people looking to save a few (thousand) pounds on their vehicles, it seems like the smartest choice to many. However last year saw the most new car registrations in 10 years, 2014 was also in fact, the fourth best year for new car registrations ever. The confirmed figure from 2014 was 2,476,435 (confirmed by the Society of Motor Manufacturers and Traders), a number which even shocked the SMMT chief exec Mike Hawes who was not expecting such a a strong year. The rise is being chalked down to the growing popularity of getting cars on finance.
There are many market trends that have been observed with the recent numbers, notably there has been a considerable rise in sales of superminis and crossovers, people are also more happy to opt for premium marques which I guess correlates with the whole finance option. British manufacturing is expected to rise in 2015, as throughout the year there will be production of the MINI and the Nissan Qashqai+2. Levels will probably stabilize next year with registration levels sneaking up a percent or two, if things go to plan. I have a friend who owns a used car garage who said in 2013 a second hand Fiat 500 wouldn’t have been on the forecourt for any longer than 2 weeks, last year however it was a different story.