News from the SMMT (that’s the Society of Motor Manufacturers and Traders, the body that represents car companies) this week has revealed that 2012 new car sales figures climbed over 2 million, reaching the highest level since 2008.
Overall, new car sales in 2012 were up 5.3% compared with 2011, the largest increase seen in over a decade. However, the total sales figure of 2.04 million is still some 15% behind the industry’s UK peak year of 2007 – when 2.4 million new cars were sold.
In terms of the car charts, the Ford Fiesta remained the nation’s favourite motor, selling some 190,000 models in 2012. The Vauxhall Corsa and Ford Focus completed the top three spots, selling 89,000 and 83,000 units respectively.
Interestingly the year-on-year increase in sales was driven primarily by private motorists rather than business purchasers. Private owners accounted for about 45% of sales and delivered a 13% increase on 2011 levels.
The SMMT has speculated that strong offers and incentives from manufacturers, including offers of free car insurance
, have been behind the sales increases. They also believe that a relative scarcity of used cars has caused prices for these to rise, leading traditional used car buyers to consider trading up to new models.
Predictions for 2013 are that the market will hold firm, rather than being a stellar year, given the continuing economic squeeze.
Are you considering a new motor for 2013? If so, make sure that you compare car insurance
prices and features using Tiger.co.uk in order to make sure that your hard-haggled forecourt discount isn’t wiped out by excessive motor insurance costs!