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New car sales reach ten-year high in 2014

Date: 07/01/2015 10:27:11
Category: Car tracking
Author: Laura Varley

More than 2.4 million new vehicles were registered over the past 12 months, according to new figures from the Society of Motor Manufacturers and Traders (SMMT).

The number of new cars sold in 2014 (2.47m) was nine per cent higher than it was in 2013. This means the new car market saw its best annual performance since 2004. In December, sales of new cars increased by 8.7 per cent, making it the 34th month in a row in which registrations rose, reports bbc.co.uk.

Britain's new car market is performing much better than Europe's as a whole. On average, registrations of new cars in the EU only grew by 5.7 per cent over the course of the year, notes freshbusinessthinking.com.

The SMMT believes the surge in demand over the past year is due to the release of demand built up by the recession. In both 2009 and 2011, new car registrations fell to below the two million mark.

Mike Hawes, SMMT chief executive, said increased confidence in the economy means the market has returned to its pre-recession condition.

"The year was particularly strong for alternatively-fuelled vehicles as increased choice, coupled with a growing desire for reduced costs and greater efficiency, resulted in a quadrupling of plug-in car registrations over 2013," he stated. "With a variety of new plug-in models expected in 2015, this area of the market will continue to grow significantly."

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