Registrations lowest in over a decade
As Pistonheads predicted on
Monday
, new car sales for the UK fell in October in-line with the rest of Europe and the USA.
The Society of Motor Manufacturers and Traders (SMMT) found new car sales down by 23% on the same month last year, with just 128,352 units sold.
There were some hopes that the usual surge in new car sales in October change would help to boost ailing revenues in the UK motor trade. October commonly accounts for around 6.9% of annual sales, however this year sales fell for the sixth successive month, and new car sales so-far this year have totalled just 1.92 million. This is 8.8% down on 2007.
In light of today's figures, the SMMT has revised its forecast for sales in 2008 down to just 2.15 million vehicles, 10.7% down on last year.
Today's report shows that the top 5 best-selling cars so far this year have been the Ford Focus, Vauxhall Corsa, Vauxhall Astra, Ford Fiesta and Volkswagen Golf (in that order). The only manufacturers to actually improve volumes in the month included some surprises, such as Dodge, Jaguar and Volvo.
The report also shows a growth in sales of diesels, whose market share has grown to 45.6%. However, this could soon take a tumble if the price of diesel remains disproportionately high, and if expected Euro 5 regulations bring an end to the era of smooth diesels as many analysts are predicting.
SMMT chief executive Paul Everitt warned "October has proved another difficult month for the UK motor industry and action is needed to help restore consumer confidence and encourage buyers back to the showrooms."
He added "Cuts in interest rates that are swiftly passed on to consumers, scrapping planned increases in VED and maintaining public expenditure on new vehicles are essential parts of the package required by the industry."
Mr Everitt also felt that Europe had a part to play in keeping the market alive and looking forward, stating that "there is also a clear role for European action to support continued investment in new, lower carbon vehicle technologies."
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