NEW car registrations plunged by 22.2 percent to 131,495 units during the month of October says SMMT.
October’s figures are the worst since May 2009.
The new car market fell for a fourth successive month, while the figures also suggest that the October market was 2.4 per cent ahead of 2008’s low figures, and on par with the 2009 market if all scrappage volumes were excluded.
‘There was a significant fall in October’s new car registrations, reflecting the impact of the Scrappage Incentive Scheme (SIS) at this time last year and some deterioration in consumer confidence. Total new car registrations in 2010 are forecast to be 2.026 million units, 1.5 per cent up on 2009,’ said Paul Everitt, SMMT chief executive.
‘The industry expects the coming months to be challenging with slow, but steady, economic growth feeding through to improved confidence and demand during 2011.’
It’s not all doom and gloom, however. The new car market remains 4.8 per cent up over the first ten months of the year, at 1,767,154 units, while diesel sales reached its best ever monthly market share of 54.7 per cent and year-to-date share of 45.3 per cent. The Ford Fiesta remained the UK’s best seller, but overall figures of small cars were again down.
October’s decline was in line with SMMT expectations for the month. The full year forecast was revised upwards to 2.026 million units last month, a modest 1.5 per cent rise over 2009.
Come back to Car Dealer throughout the day for car maker reaction to the October new car registrations…
by JAMES BATCHELOR