After what is usually a slower start in the first two months of the year, new car sales tend to pick up in the first month of spring – but as interest in Great Britain was high in January and February, March had no chance but to set a record.
So, consumers in the UK made the hit, elevating this year’s last month to a record level – not seen in the last decade, buoyed by confidence triggered by the country’s falling interest rates and a strengthening real estate market.
The Society of Motor Manufacturers and Traders announced that sales jumped 17.7 % against last March to a tally of 464,824 cars, the best since March 2004.
The figures are “a reflection of intensifying consumer confidence and the availability of great new products,” Mike Hawes, SMMT Chief Executive said. “Given the past six years of subdued economic performance across the UK, there is still a substantial margin of pent-up demand that is contributing to a strong new and used car market.”
While the month is typically a very strong one, as together with September it’s the one when the government issues new registration plates, the data showed that last month beat even figures set before the onset of the latest financial crisis.