The Society of Motor Manufacturers and Traders (SMMT) has revealed some promising figures about the number of new car registrations in the UK. The figures show a dramatic increase. It has been the 20th consecutive month of growth, with new car registrations up 4% in October.
Last month’s total of 157,314 registrations brings the total to 1,952,238 in 2013 so far, leading the SMMT to up its forecast from 2.22 million to 2.25 million.
Speaking about the continued growth, the SMMT’s chief executive, Mike Hawes, said:
“With October new car registrations up we have now seen 20 consecutive months of growth.
“These sustained rises have been driven by robust private demand, a trend that has given us the confidence to raise our year-end forecast to 2.25 million units – 10% ahead of last year.
“Looking ahead, we anticipate more moderate growth as the market stabilises.”
The supermini segment continues to take the lion’s share of sales in the UK, accounting for 36% of registrations in 2013. Next up is the lower-medium segment, which accounts for 26% of all registrations in the UK.
The Ford Fiesta continues to top the sales chart, with 8,574 registrations in October. This takes the Fiesta past the 100,000 mark this year, with Ford’s supermini now totalling 104,621 in 2013.
The continued growth in the UK is down to a combination of factors, mostly likely the consumers’ need for greater fuel efficiency, coupled with competitive low-deposit finance deals and a high number of Payment Protection Insurance (PPI) compensation payouts.
