The European market is finally seeing its much anticipated turnaround since the start of the year, but there’s one country that was shining even before – the United Kingdom.
That’s because the economy there recovered faster than peers on the continent and the government kept interest loans very low – effectively granting the consumers one unusual tool, called the personal contract plan. Most of the buyers using would acquire a new automobile then exchange it for another every three years. According to the UK Society of Motor Manufacturers – SMMT – industry data shows the positive trend across the British auto market continued last month, with new vehicle registrations up by 5.1 percent to a total of 185,778 units – setting a record for the month for the past decade. “We are confident that the UK’s new car market – so symbolic of economic mood – will continue to thrive, but long-term success will depend largely on economic and political stability in the months and years ahead,” commented SMMT chief Mike Hawes in the related statement.
The industry association SMMT has kept its previous forecast for a 4 percent growth this year, thanks to increased consumer confidence and the continued availability of cheap financing, with the total sales topping 2.57 million autos. The Uk follows suite in the positive trend posted by other major European markets, with Italy holding the record with a 25 percent jump. The largest market on the continent, Germany, also saw sales up 6.3 percent, followed by Spain with deliveries rising 3.2 percent and France where registrations soared 2.3 percent.
Via Automotive News Europe