Latest News
Car News
-
Van Contract Hire News
-
Specialist Vans News
New car sales hit by recession
Sales of new cars have been battered by the recession, it has been revealed.
New figures from research specialist Trend Tracker reveal the extent new car sales have been affected by the economic downturn.
The UK Retail Car Finance Market 2009 report shows the value of the UK car finance market has fallen by 58 per cent in the last five years.
According to the study, registrations of new cars fell by 15 per cent in 2008, compared to 2007. The figure is also down by almost one-third from a peak of 1.25 million in 2003.
Meanwhile, it has been claimed the car and van leasing market will right itself shortly, following a slow start to the year.
Speaking to Road Transport, a spokesman for the Society of Motor Manufacturers and Traders (SMMT) voiced his optimism for the sector.
According to the SMMT, around 1.7 million cars and commercial vehicles are produced in the UK ever year.