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07/01/2004
UK car sales break records
New car sales in Britain nudged a record 2.6 million in 2003, but it looks like this year may be more difficult as sales volumes are falling across Europe, say the Society of Motor Manufacturers and Traders.
The new record is 0.6% up on the 2002 figure which was largely fuelled by the low interest rate. However, with interest rates on the increase it is unlikely that this year will see the same buoyant market for cars where private buyers boosted the UK market with 48.7% market share, reaching the highest level since 1990.
SMMT chief executive Christopher Macgowan said: "The 2003 UK car market outshone Europe with a third record year of registrations. While figures fell across the continent, the UK market continued to climb cementing our position as Europe's second biggest market.
"Increased consumer confidence has seen private buyers lead a strong, stable market, reflecting the general economic trend of the country. An ever-growing range of models boasting newly developed technologies, has led to consistent growth over the last decade with volumes looking set to remain stable into 2004," he added.
Diesel vehicles also proved popular with a record market share, up almost 17% in 2003.
Car sales in December, up 7.5% on the same period in 2002, were higher than many market analysts expected.
(SP)
The new record is 0.6% up on the 2002 figure which was largely fuelled by the low interest rate. However, with interest rates on the increase it is unlikely that this year will see the same buoyant market for cars where private buyers boosted the UK market with 48.7% market share, reaching the highest level since 1990.
SMMT chief executive Christopher Macgowan said: "The 2003 UK car market outshone Europe with a third record year of registrations. While figures fell across the continent, the UK market continued to climb cementing our position as Europe's second biggest market.
"Increased consumer confidence has seen private buyers lead a strong, stable market, reflecting the general economic trend of the country. An ever-growing range of models boasting newly developed technologies, has led to consistent growth over the last decade with volumes looking set to remain stable into 2004," he added.
Diesel vehicles also proved popular with a record market share, up almost 17% in 2003.
Car sales in December, up 7.5% on the same period in 2002, were higher than many market analysts expected.
(SP)
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