After six years of difficult trading conditions, sales of new cars have started to take off again in the UK.
Birmingham, West Midlands -- (SBWIRE) -- 03/10/2015 -- The Society of Motor Manufacturers and Traders (SMMT) expect to see strong sales for new cars in the UK. If the figures that are due to be released on the 5th of March 2015 do show the expected growth this will be the 36th consecutive month of growth for the UK auto trade.
During 2014, the number of new cars sold in the UK reached a ten-year high. In total, private individuals and UK based firms registered 2,476,435 new vehicles.
These figures fell just short of the all time high of 2,579,050 new car sales in a year, which happened in 2013. Prior to 2014, new car sales were lower than normal. The downward trend started at the end of 2008 when the financial crisis hit.
There are several reasons for this unexpected growth in new car sales. Car dealers in Birmingham and many other parts of the UK are benefiting mainly from improved consumer confidence. The public has more cash in their pockets than they have had for over six years. Falling food and fuel prices and low interest rates coupled with higher levels of employment are all contributing to improving consumer confidence.
Better availability of credit is also helping to fuel demand for both new and used cars in the UK. Interest rates are low, which is making finance easier for people to afford.
Currently the UK is the strongest market for new cars in Europe. In the rest of Europe, there is growth, but it is weak when compared to the UK.
Sales of used cars are also back at pre-recession levels. It is expected that growth will continue in 2015 although the pace of growth is expected to be slower than it was in 2014. Many of the consumers who have held back from making large purchases during the recession have already taken the step of buying themselves a new vehicle in 2014, so there is a slightly smaller pool of potential customers available for car dealers to target than there was in 2014.
For more information visit the website http://www.acarsuk.com
Media Contact Details:
First Name: Devin
Last Name: Barns
Business Name: A Cars UK
Address: 60 Tyburn Road
County: West Midlands
Postcode: B24 8LA
Country: United Kingdom
Phone No.: 0121 3279828