9:28 am, December 4, 2008
NEW car sales fell a shocking 36.8 per cent in November to just 100,333 units, today’s SMMT figures reveal.
The SMMT says consumer confidence is still lacking with the private market particularly week – down 45.1 per cent in November.
However, recent moves by the chancellor in the pre-budget report might help sales in the new year industry experts believe.
Year to date volume is down 10.7 per cet to 2,023,104 units – but good news was around for diesels, market share for the black pump drinkers achieved a record high of 47 per cent last month.
‘November has been another difficult month for the motor industry and whilst some consumers may have delayed their purchases to take advantage of the recent VAT reductions, overall demand continues to fall,’ said Paul Everitt, SMMT chief executive.
‘Urgent action is now required to ease access to credit and finance, both to support consumers and meet the cash-flow needs of the industry.’
Sue Robinson, director of the RMI National Franchised Dealers Association, added: ‘Recent government moves to address the economic situation should help stimulate the car market as we go into 2009, but we do expect to see some improvement this December, traditionally one of the quietest months for car dealers.
‘The economic measures introduced in the Pre-Budget Report last month will take time to have an impact. Some consumers may have put off completing car purchases until after the VAT reduction took effect, so that they could take advantage of the 2.5 per cent saving.
‘Many more will be waiting for the resulting economic stabilisation, and for credit to become more readily available before considering buying a new car.’
Download November sales figures as Excel document here: november-sales-figures
