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It is extremely positive to see the new car market has now achieved 36 consecutive months of growth – increasing 12.0% over the period. New car sales figures, released this week for February, traditionally one of the quietest months of the year ahead of a number plate change in March, showed the market grew 12.0% year-on-year with 76,958 new cars registered, achieving a year-to-date rise of 8.3%. Fleet buyers drove this increase with registrations up 19.9% in February, while the private market saw an increase of 3.4%.
Consumers appear to be less reluctant to commit to new vehicles as employment prospects improve, and inflation comes down to a record-equalling low of 0.3% following cheaper fuel and lower energy prices.
Increased sales are supported by strong manufacturer deals and low cost finance offers that are encouraging consumers to buy.
We anticipate the market to continue to grow, and have strong expectations ahead of next month’s 15-plate change where customers will be likely to take advantage of a range of substantial discounts and savings, in addition to a variety of low rate finance packages being made available.