NEW car sales fell by 23 per cent in October.
That’s the fastest rate of decline since June 1991, and yet further proof that car buyers are simply not buying.
The SMMT figures show that just over 128,000 cars were sold in October – the first of the ‘crunch months’, according to many industry experts.
That’s because September sales will always be slightly exceptional, due to the registration plate change. The true health of the market is revealed by sales to the end of the year.
On this evidence, things are not looking good.
Car sales have declined in all but two months during 2008, and to-date sales of 1.92 million cars is 8.7 per cent down on 2007. The overall target for 2008 has thus been downgraded, to 2.15 million cars.
‘October has proved another difficult month for the UK motor industry, and action is needed to help restore consumer confidence and encourage buyers back to the showrooms,’ said Paul Everitt, SMMT chief executive.