The UK car market is now the second largest in Europe according to official figures. 1.79 million new cars have been sold so far in 2013, which is second only to Germany which has sold 2.2 million vehicles. What is more, over one in seven new cars registered in September 2013 were built within the United Kingdom. It is thought that the new 63 number plates have help sales increase by 12.1 per cent in September. The Society of Motor Manufacturers and Traders (SMMT) say that September has seen the highest number of new cars sold since March 2008.
“With over 400,000 new cars registered for the first time in more than five years, the UK market is reflecting growing economic confidence,” said Mike Hawes, SMMT chief executive. “Robust private demand has played a major role in this growth with customers attracted by exciting increasingly fuel-efficient new models that offer savings in the cost of ownership.”
Owning a car is a valuable insurance policy for any household, especially with the rise of logbook loans. When money is needed for a rainy day, applying for log book loans is a quick and simply way of raising some cash fast. The growth of the UK car industry can only be good news for the economy, and there are many reasons why people should be looking forward to the future in the UK. What is more, there are no expectations of the market slowing down significantly any time soon.
Richard Lowe, head of retail and wholesale at Barclays adds, “Attractive finance packages are offering consumers more clarity on running costs, which even with a more promising economic outlook is an important factor for those on a budget. As we head into the quieter months, I suspect we’ll see sales hold firm, keeping the UK market zooming ahead of our European counterparts. This is the 19th consecutive month of steady growth and, with fleet and business demand still to reach pre-recession levels, we believe the performance to be sustainable. The latest 63-plate should deliver positive results into next year.”
New car sales traditionally drop off towards Christmas, as people have to budget for the extra festive costs. Unsurprisingly, some people are worried about meeting the costs of Christmas this year. With the rising costs of energy bills and static pay packages, a lot of people will want to use their cars to find logbook loans online. January’s pay package will often be enough for people to pay off their loans quickly once the rush of Christmas is over.
A thriving UK car industry has to be welcomed. New cars tend to be safer and more energy efficient than older models on the road. This can only be good for road safety measures as a whole. Buying a new car is not a cheap process, but it can always be used as insurance for an emergency financial situation. Hopefully the upwards trend of car sales within the UK is set to continue for a long time.
About the Author – Sarah Makinson contributes regularly to a variety of finance and consumer blogs, including Varooma.