Car market rises in February, ahead of key March market
· New car market climbed 26.4% in February to 68,686 units.
· Private buyers lead growth with business demand also strengthening.
· Scrappage scheme accounted for 19.6% of the February new car market.
· Government urged to defer new car VED rise and boost business confidence post-scrappage.
“Scrappage has generated eight consecutive months of growth in the new car market and we expect its benefits to stretch beyond the scheme’s closure later this month,” said SMMT chief executive, Paul Everitt.
“Industry continues to face challenging market conditions, but positive trends in the fleet and business sectors suggest that negative impacts can be minimised. Strengthening business and consumer confidence remains industry’s priority. A clear and consistent approach to CO2 based taxation and improved access to affordable credit are essential elements in sustaining recovery in the new car market.”
