7:56 am, May 7, 2014
NEW car registrations rose 8.2 per cent in April to 176,820 units, according to the latest figures from the SMMT, marking the 26th consecutive month of growth.
Volumes for the year-to-date reached 864,942, an increase of 12.5 per cent.
Continuing improvements in economic conditions are continuing to bolster consumer confidence, which in turn is fuelling the rise in new car registrations, according to the organisation.
Today’s figures prompted the SMMT to revise its 2014 market forecast from 2.3 million to more than 2.4 million registrations.
Mike Hawes, chief executive, said: ‘After the bumper plate-change month of March, the UK car market returned to more modest but still positive growth in April, with new car registrations up 8.2 per cent to 176,820 units.
‘This marks 26 consecutive months of growth as GDP continues to pick up, inflation falls and wage levels improve.
‘As UK economic confidence improves still further and the market continues its upward trend, we have revised our 2014 forecast up from 2.3 million to over 2.4 million registrations. This represents an increase of more than six per cent versus last year.’
Commenting on today’s figures, Richard Lowe, head of retail and wholesale at Barclays, said: ‘The UK car market remains in rude health, as improving consumer confidence and strong finance deals continue to rev the market.
‘The recent news that the Government’s plug-in car grant has been extended to 2017 is also welcome news and will encourage sales of electric vehicles – great for the environment and consumers’ wallets.’
