Welcome to the Car Finance Facts post for March 2017. Here we provide an insight into the latest happenings in the car buying industry, both across the UK and here at Creditplus.
Reports published by SMMT show that the UK’s new car market grew by a staggering 8.4% in the month of March. With 562,337 new cars registered (more than double the number in the first 2 months of the year combined), March has been the biggest month since records began. Furthermore, there has been an increase of 6.2% in registrations in Q1 2017, bringing the total to 820,016 units – a new record for the quarter.
One reason for March smashing registration records was buyers seizing the opportunity to purchase cars before the new vehicle excise duty (VED) rates came into force. In line with recent trends, car buyers have been showing an increased interest in low-emission technology, with March seeing a 31% increase in alternatively fuelled vehicles.