Over half a million new vehicles were recorded in March, which is 5.3% more when compared to last year. This also means that the UK has recorded its greatest amount of monthly car transactions in nearly 20 years.
The statistics, regarded as an indicator of economic buoyancy, are up by 5.3% compared to March last year, making it the most demanding month for car dealers since the twice-yearly car number plate alterations were introduced back in ‘99.
The British-based car producer Jaguar Land Rover, which is maintained and owned by Tata, attained its best retail month in the UK, selling over 25,000 vehicles, which is up by 16% annually.
The sector’s robust development in March ends what was a healthy first quarter as British customers carry on demonstrating their hunger for new vehicles, particularly ultra-low emission cars. This assurance should see registrations staying at a high, yet generally stable level over the year, but could be destabilised by any party-political or economic insecurity as well.
One of the major uncertainties is the EU vote, with vehicle producers having recently teamed up to warn against the prospect of a British exit from the EU.
For now, economic pointers such as low interest levels, growing house prices, and low unemployment were helping confidence and transactions. Financing is a significant issue, with low-slung interest rates and fixed plans. Customers value the safe bet on how much they are shelling out for their vehicles.
New advanced equipment and technology within the cars was also pushing sales. There are a handful of new models of each car out there now, most of which happen to be a lot more fuel effective. Plus, people do crave for the interconnected technologies in their cars too. Fledgling drivers with a few years of driving under their belt in particular want characteristics like synchronising phones with their vehicle.
43 successive months of transaction growth came to a close at the end of last year, but the UK’s car marketplace has stayed more resilient to change than most of Europe has, where overall trade has remained below pre-recession ranks. So it seems the car manufacturing industry sector is set to be in a great position for 2016.
Transactions to private customers escalated by 3.8%, similarly to the amount of private car number plates sold also. Plus, commercial fleet sales have amplified by 6% after slight downturns at the beginning of the year.
The sales of electric cars and other alternatively powered vehicles increased by 21% from last March, but they still represent less than 3% of total transactions.
Approximately one in seven cars shifted in the UK is actually made here, with those quantities predicted to swell until 2020 after new investment has been incoming the past few years. Jaguar Land Rover, Britain’s biggest car producer, said that its two brands had united to sell 25,127 vehicles, with Jaguar reporting its biggest sales in the UK sales for more than a decade.