Image: New car sales continue to rise
Latest figures released by the Society of Motor Manufacturers and Traders (SMMT) show that new car registrations continue to rise. There were 172,907 new cars registered in July, a 6.6% increase from June and the 29th consecutive month of growth.
These numbers reflect just how well the car industry is doing, with 1,460,172 units sold in 2014. That is a 10.1% increase on this time last year, and the SMMT are having to change their predictions based on these promising numbers. The SMMT now expect 2014 to have a total of 2.45 million new registrations, an increase of 8.1% on 2013.
SMMT Chief Executive Mike Hawes was pleased with the figures. “July saw the new car market extend its record period of growth to a 29th month, as confident customers took advantage of an array of new products and attractive finance deals on the latest fuel-efficient new cars. The continued positivity has led to an uplift in the SMMT full year forecast to 2.45 million passenger car registrations, a rise of 8.1%. However, the more moderate growth of the last three months shows that overall demand is beginning to stabilise.”
The SMMT also had some more statistics relating to the government announcement of a £10 million competition for UK cities to host driverless car trials. Autonomous cars are expected to start appearing on the roads in January 2015. Although full implementation is some distance away, autonomous technologies are already making their way into new cars. Adoptive cruise control uses radar to maintain a safe distance from the car in front. This technology was either fitted or optional in 18% of new cars registered in 2013. This is compared with just 9% in 2010. There was also an increase in collision warning systems, with a third of new cars having them fitted or as an optional extra, whereas in 2010 just 7% of new cars in 2010 had the system installed.
Increased awareness of surroundings is a vital feature in autonomous vehicles and the technology continues to become more widely used. Blind spot monitoring was available in a quarter of new cars in 2013, whereas in 2010 just 4% of cars had the technology installed. One in ten new cars in 2013 had self-parking fitted as standard or as an option.
The record 29th consecutive week of growth is in stark contrast to how figures looked during the recession. The below below graph shows just how remarkably new car sales have recovered.
The growth shows much greater confidence in the market, that can only mean more finance options available.
Are you looking to buy a new or used car? Creditplus combines over 50 finance providers to find the best option for you. Why not contact us for an online decision to see what options you have available to you? Just complete the online application form to find out.
How do these figures affect Creditplus? Take a look at the Car Finance Facts for June to see just what’s happening here at Creditplus.
Are autonomous vehicles safe? We take a look at the risks and dangers here.