The SMMT (Society of Motor Manufacturers and Traders) has released the new car registration data for May 2014, and revealed that the UK new car market is officially experiencing its longest period of growth since records began.
Sales in May were up 7.7% compared to 2013 – making it the 27th consecutive month that figures have increased. A grand total of 194,032 new cars registered also represents the most units sold in May since 2004.
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The cumulative effect of this is that more than one million cars have already been sold in 2014 – an 11.6% increase over the previous year, and a total of 1,058,974 vehicles.
SMMT chief executive, Mike Hawes:
“The new car market has now grown in every month since March 2012 – the longest period of growth on record and a reflection of the KU’s ever-improving economic conditions.”
However, Hawes goes on to point out that we cannot realistically expect this level of growth to continue forever:
“Over the past 27 months, increasingly confident consumers have been drawn to some fantastic new products, attracted by innovative technologies, improve fuel economy and competitive deals helping make a new car more affordable.
“With SMMT forecasting an overall rise of around 6% over the year, the coming months should see some levelling off in growth rates as underlying demand stabilises.”
The UK’s best selling car remains the Ford Fiesta, with 9,450 sold in May, contributing to a total of 58,940 since the start of the year.
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