9:25 am, December 7, 2015
NEW car sales are likely to exceed 2.6 million in 2015, making it the biggest year on record, according to valuations experts CAP.
The forecast comes after the SMMT published figures on Friday showing new car sales were up 3.8 per cent year-on-year in November.
And looking further forward, a recent study of UK dealers by CAP suggested 46 per cent believe the figure for 2016 will exceed 2015’s total.
Philip Nothard, CAP’s consumer and retail editor, said: ‘2015 is set to be the biggest year for new vehicle registrations on record.
‘We are predicting sales will exceed 2.6m vehicles, and while pre-registration has played a part in hitting this number, we are seeing a shift in the way we purchase a vehicle. The rise in PCP and a wide variety of leasing products means manufacturers are able to offer some eye-catching deals.
‘The UK car industry is coming to the end of one of its biggest years for a decade, exceeding pre-recession sales in 2008 and post-recession sales in 2014. Used vehicle sales are set to hit 7.5m, as strong demand continues to drive the market.
‘As confidence extends into next year, it will be important to manage the used vehicle supply chain to protect residual values. Manufacturers are acutely aware that the ability to offer a good deal at the front end relies on maintaining residual values.
‘There’s a lot to be excited about, as we head towards four years of non-stop growth in UK car sales in 2016 – something for dealers to celebrate.’
While CAP has reported a slide in used values over the last three months, it suggested prices are likely to stabilise in January as demand increases.
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