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New car sales continue to plummet
May 8 2009The latest research on new car sales has revealed that the sector is continuing to see a decline, although there is hope that the government's new scrappage scheme will halt the slide in the future.
Figures from the Society of Motor Manufacturers and Traders (SMMT) have shown new sales fell again during April, with a 24 per cent dip.
The results reveal a 28.5 per cent drop in sales during the first four months of 2009, as demand for new cars slumps during the global recession.
However, the SMMT suggested chancellor Alistair Darling's announcement of a scrappage scheme in his April Budget speech could help enliven the market over the months ahead.
"Despite the tough conditions, [the] industry is hopeful that its prospects will improve in the coming months and the steps it has taken will provide the basis for a sustained recovery once growth returns," said Paul Everitt, chief executive of the SMMT.
Recent figures from car value monitoring organisation Glass's have shown that the UK used car sector continues to see strong growth.
Experts have begun to suggest that used car prices could now be above those seen at the end of 2008 by the end of this year, as demand continues to grow from people unwilling to splash out on a brand new vehicle during the recession.
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