Our motor trade insurance customers may not be aware that figures from The Society of Motor Manufacturers and Traders (SMMT) show that the number of new cars registered in June fell quite significantly, with a -4.8% decrease.
Although the data shows that June is the third consecutive month in which new car registrations have declined, the decline for June wasn’t as steep as the previous two months. It’s also worth noting that new car registrations have seen very healthy growth for the last 5 years and that a plateau has been expected for some time.
Mike Hawes, SMMT Chief Executive, said the following –
“As forecast, demand for new cars has started to cool following five consecutive years of solid growth but the numbers are still strong and the first half of the year is the second biggest on record. Provided consumer and business confidence holds, we expect demand to remain at a similarly high level over the coming months. It’s encouraging to see alternatively fuelled vehicles experiencing rapid growth but adoption is still at a relatively low level and more long term incentives are required if this new generation of vehicles is to be a more common sight on British roads.”