The automotive industry has been impacted by the rising living costs, surging inflation and increasing car finance costs, with most of the 2023 projections being downgraded to take into account for additional supply challenges.
However, demand for used cars continues to be resilient.
New car registrations
The UK new car market shows signs of marginal improvement with new registrations rising 4.6%, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT).
A total of 225,269 new vehicles were registered in September, compared to 215,312 a year earlier. Although this is an increase of 9,957 units, they remain 34.4% lower than pre-pandemic figures. This is due to an ongoing global shortage of semiconductors, as well as other production components, which has resulted in a backlog of orders.
However, as private sales declined by 3.6% year-on-year to £116,165, fleet sales increased 12.5% year-on-year to £101,760, and business purchases surpassed all sectors with a remarkable 70.5% year-on-year jump from £4,307 to £7,344.
Used car market
The UK used car market saw an increase in conversions and price performance during September. Amid an imbalance of new vehicle supply issues and demand pressures pushing up used car prices, the market’s position remains strong with cap clean performance reaching 98.19%, a 1.94 increase on 2019.
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