Car sales continue to plummet
Sales of new cars in the UK are continuing to plummet at alarming rates, according to the Society of Motor Manufacturers and Traders (SMMT). Figures for November show a 36.8% year-on-year decline.
Last month, only 100,333 new vehicles were sold across the UK – the biggest monthly drop in 28 years. It is the seventh consecutive month SMMT has reported a decline in sales.
The car industry body says the decline in sales is a sign of a huge fall in consumer confidence, and the sector is urgently in need of help to stave off continuing decline.
Its chief executive, Paul Everitt, says: “November has been another difficult month for the motor industry and whilst some consumers may have delayed their purchases to take advantage of the recent VAT reductions, overall demand continues to fall.”
“Urgent action is now required to ease access to credit and finance, both to support consumers and meet the cash-flow needs of the industry.”
Annual sales to date are also down on last year. The figures show that in total, 2,023,104 vehicles have been sold in the year to date, a 10.7% fall from last year.
