SMMT released the figures of 2.69 million cars registered in the UK for the year 2016. The number rose by 2% from the last year. Some of the factors which the industry experts think contributed to this high growth are improved consumer confidence, availability of several new models, and low-cost financing.
However, SMMT is less optimistic than in the year 2017 we would be able to see the same kind of growth. It expects the sales figures to drop by 5 – 6%. The last five years, according to SMMT Chief Executive have seen steady growth of car sales in the UK. The sales were because of the economy bouncing off after the delayed economic depression of the year 2000 and afterwards.
The UK, SMMT added, is considered as one of the most diverse car markets in the world with 44 brands offering around 400 different model types.
Car Statistics for UK Market 2016
These are some of the takeaways from the car sales growth in the UK for the year 2016.
- There was a growth of 5.1% in car sales for the first quarter of the year 2016.
- The top selling brands for the first quarter were Ford and Fiesta.
- Strong contenders of the car sales also included brands like Ford, Vauxhall, and Volkswagen.
- The month of March is considered as one of the most important months for registration of new cars in the UK. In March 2016 a new record was set for the March 2016, registering a whopping 518,707 cars.
How Brexit Impacted UK Car Sales?
There is an expectation that the car prices will increase over the years. As the British Pound has seen a sharp decline in the value, it will impact import of cars from other countries. Around 85% of the cars are brought into the UK, only 15% of the cars manufactured here. The inability of the UK to freely trade with the EU will severely impact car prices in the UK for the future. The exit and the deals finalised during that process will decide the type of impact Brexit will have on the car prices.