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September saw the all-important new 62-plate change and figures released from the SMMT show that there has been an 8.2 per cent growth in car registrations to 359,612 units, a figure which has exceeded expectations by more than 26,000 cars.
Results also show that during the first three quarters of 2012, the car market has increased by 4.3 per cent to 1,620,609 units which is up 67,515 units from the previous year. In fact, since this time last year, the new car market has seen a constant quarter on quarter growth resulting in a 7.5 per cent overall gain in quarter three of this year.
This is great news for the car industry which has not witnessed this type of growth since 2001, aside from the successful Scrappage scheme of 2009 which provided buyers with the opportunity to benefit from a £2,000 discount on a new car in exchange for a car at least nine and a half years old.
One of the main reasons behind the increase in new cars being sold is that each year cars are becoming far more environmentally friendly, with the average new car emitting just 133.4g/km of CO2 which is down 3.4 per cent on the 138.7g/km from the same period in 2011. This means that people who purchase new cars will more than likely benefit from a lower car insurance premium.
New cars are also far more fuel efficient than their predecessors with adaptations to engine capability and specifications being made all the time to ensure that buyers are getting the best value for money long term.
The Ford Fiesta remains the best-selling car in the UK with 18,651 cars registered in September alone, and a total of 88,747 in the first three quarters of the year. The Fiesta is a highly appealing supermini due to its stylish looks, comfortable interior, great fuel economy and affordable price tag.
“The important September plate change market outperformed expectations,” said Paul Everitt, SMMT chief executive.”Although the economic outlook remains challenging, we are starting to see a tentative return of consumer confidence as motorists explore new products and the latest fuel-efficient technologies.”
Looking towards the year end, the SMMT is predicting 1.97 million cars will be registered in total.