£5.7 billion new car market in September

31 August 2004 #SMMT News

The introduction of the new 54 number plate identifier is expected to generate around £5.7 billion worth of business in September. The industry is anticipating another strong market with a forecast of 440,000 new cars registered for the month.

Christopher Macgowan, SMMT Chief Executive said, ‘Despite recent increases in interest rates the UK economy continues to support a healthy new car market. The breadth of new models and competitive prices mean that there is a new car to suit every taste and budget.’

Since the industry moved to a twice yearly plate change September has typically taken the lion’s share of annual registrations accounting for 17.7 per cent of the total market. However, a March market of 466,955 units means that September is likely to take silver this year.

March and September new car registrations

Year * March * September

1999 * 370,060 * 386,999

2000 * 401,972 * 353,494

2001 * 408,024 * 443,265

2002 * 423,727 * 432,661

2003 * 438,075 * 439,365

2004 * 466,955 * 440,000 (forecast)

Mr Macgowan added, ‘The fundamentals of the UK economy remain strong, with historically low levels of unemployment and inflation coupled to high levels of employment and economic growth. The market is neck and neck with last year’s record total and with four months to go, it’s probably too close to call.’


Filter News

Update Newsletter