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Car sales in the UK at the highest since the beginning of the financial crisis.
Car sales in the UK at the highest since the beginning of the financial crisis.
Tuesday, January 7, 2014 Nov. 58 GMT First published on Tuesday, January 7, 2014 Nov. 58 GMT.
Car sales in the UK reached their highest level since 2007 last year, fueled by increasing consumer confidence, cheap financing transactions and payments on PPI mis-selling.
However, the sale overabundance a warning that the price of used cars could subside over the next two years, the market is flooded with vehicles The number of new vehicles sold jumped nearly 26m 11-2 in 2013, the the highest level since the start of the financial crisis, according to figures from the Society of motor manufacturers and Traders SMMT It was equivalent to 600 more cars sold per day in 2013 compared to 2012, and bucked the trend in a big part of Europe where sales were down sales in the UK rose by nearly a quarter to 152,918 in December alone.
Mike Hawes, CEO of the SMMT said that the car market was a bright spot in the UK economy, helped by cheap financing transactions representing about three quarters of the transactions.
He said it was difficult to measure the precise impact of payment protection insurance compensation on the auto industry, but the average gains of 3000 have an impact is enough to put a deposit on a car.
John Leech, head of automotive at KPMG consulting group, said that if the cheap credit was excellent for boosting sales, it could store problems for the used car market a year or two from now Leech said there was a danger of oversupply of used cars of the building as consumers choose to return their cars to the end of their own car three-year plan CFP offers.
Car dealers now sell finance with the car where half of the price is paid in 36 months and the remaining half is erased by a bullet payment at the end of three years, this has been good for car sales as consumers choose to take a new car to another PCP rather than paying the bullet danger for car manufacturers and dealers of used cars is that the supply of cars aged three starts to rise in power and, perhaps be in a year or two from now, will exceed demand leading to a price collapse potential residual value and default increased risk of payment by consumers, he said.
The SMMT predicted slower growth in new car sales to 1 in 2014, the rebound in demand waned during the recession fades A figures breakdown showed the strongest growth in 2013 because private buyers which increased by almost 20 as consumers feel more confident amid economic growth and falling unemployment and were encouraged by attractive promotions.
The Ford Fiesta was the new car bestseller in the UK last year, followed by the Ford Focus, Vauxhall Corsa, Vauxhall Astra and Volkswagen Golf.
The SMMT said the British shopping habits were moving toward smaller, more fuel-efficient models, with supermini cars take the largest share of 35 9 market in 2013 registrations of hybrid cars and plug-in has increased 20 5 to 32.715 vehicles.
Prime Minister David Cameron tweeted that the 2013 figures were an example of the UK economy growing by 5 key steps from manufacturing to record car sales in the UK high level of pre-2007 See how we re growth of the UK economy.
The request of the United Kingdom has consistently outperformed the rest of Europe, where car sales fell in Spain was the only other major market to record sales growth last year, with volumes up 2 1 driven by a system of scrappage German market, French and Italian all Shrank.
Howard Archer, chief economist UK at IHS Global Insight's will hope that the recent improvement in automobile industry in economic activity in the UK is supported and extended, and that this underlies consumption and confidence companies, and their willingness to splash out on new cars.
Car sales in the UK at the highest since the beginning of corporate financial crisis The Guardian, sales, higher early.