Sales levels of new cars have reached their highest for a decade, according to the latest figures.<\/p>\n
The Society of Motor Manufacturers and Traders (SMMT) confirmed a total of 2,476,435 cars were sold in 2014 – the largest number since 2004 and the fourth best year ever.<\/p>\n
Mike Hawes, chief executive of SMMT, admitted the figures were stronger than expected and reflected the growth of the new car market in the UK.<\/p>\n
Overall, the volume
of sales was 9.3 per cent higher than 2013 and were boosted by an improving economy and the availability of better finance deals.<\/p>\n
Mr Hawes explained: "UK new car registrations returned to pre-recession levels in 2014, as pent-up demand from the recession years combined with confidence in the economy saw consumer demand for the latest models grow consistently and strongly."<\/p>\n
He added that alternatively-fuelled vehicles could be increasingly popular with buyers over the next 12 months.<\/p>\n
"This area of the market will continue to grow significantly. For the market as a whole, we expect a more stable 2015 as demand levels off," said the chief executive.<\/p>\n
However, the forthcoming general election and a possible rise in the base rate of interest could have an impact on demand.<\/p>\n
The past year also saw a sharp rise in demand for small cars as buyers sought to reduce running costs. This was boosted by the expansion of models available in the supermini and mini categories which offered higher comfort and more luxurious options.<\/p>\n
Despite the growth in demand for vehicles as a whole, the number of cars manufactured in the UK last year was similar to that reported in 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sales levels of new cars have reached their highest for a decade, according to the latest figures. The Society of Motor Manufacturers and Traders (SMMT) confirmed a total of 2,476,435 cars were sold in 2014 – the largest number since 2004 and the fourth best year ever. Mike Hawes, chief executive of SMMT, admitted the […]<\/p>\n","protected":false},"author":1,"featured_media":5928,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-2300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news"],"acf":[],"yoast_head":"\n