Welcome to the Car Finance Facts post for April 2017. Here we provide an insight into the latest happenings in the car buying industry, both across the UK and here at Creditplus.
It has been reported by SMMT that the new car market noted a rather large decline in the month of April. This follows from a remarkable growth in the previous month (March) due to drivers seeking to purchase their vehicles before the change in VED rates which came into force on 01 April 2017. During April, 152,076 new cars were registered, a -19.8% decline from 189,505 in April 2016.
A decrease in demand appears to be a trend across all boards, with registrations by private buyers, businesses, and large fleets all falling -28.4%, -21% and -12.3% respectively. Furthermore, petrol, diesel, and alternatively fuelled vehicles all saw a decline in registrations in April.