As per the industry body, The Society of Motor Manufacturers and Traders’ forecast for 2014, UK auto industry expects sales rise of 2.45 million cars.
Against the previous 2014 car sales forecast of 6 percent growth, The Society of Motor Manufacturers and Traders (SMMT) now expects the UK auto industry annual sales to rise to 2.45 million, 8.1 percent more than 2013. The sales have already touched 10 percent (1,46 million) by the end of the second quarter, owing to affordable finance options as the UK have really low interest rates.
Registrations for new cars in July this year saw a rise of 6.6 percent (to 172,907 units) compared to the previous year. Although this rise is not as fast as that in the first two quarters of this year, but is more than June’s 6.2 percent rise.
At least four to five new car purchases are made on credit in Britain now, with many resorting to rent cars for a period of three years through a personal contract plan, where an older rented car model can be traded for a newer model.
The country’s auto industry has so far been recovering from the market slump in 2008-09 and has been the first industry to do so.
Photo Credits: Hypermiler