According to The Society of Motor Manufacturers and Traders (SMMT), April was a bumper month for new car sales with 186,000 new cars registered. That’s a 5.1 per cent rise in comparison to last April, making this the best performing April for the past 10 years.
And it’s not just the month of April that has seen a boom in new car sales – already this year over 900,000 people have taken delivery of a shiny new motor. But what’s behind this surge in people buying new cars?
With no-one being able to predict which way the general election was going to go, you might think that people would be wary about making big purchases, but not even the race towards polling day put people off spending, with April being the 38th successive month that new car sales have boomed.
The SMMT says this is nothing new. Six of the last nine general elections have coincided with a boom in demand for new cars three months before and after polling day, with exceptions only being seen during times of hardship, such as the recessions of 1992 and 2010. Speaking about the recent rise in sales, George Osborne has attributed this latest surge to a vote of confidence in the economy from the public.
Low interest rates and attractive finance deals have reportedly also been enticing buyers. Plus, the new 15 series registration plates, which were released in March, are also thought to have something to do with this latest rise.
This vote of confidence is expected to continue, with a record 2.5 million car sales predicted for the rest of the year. But this will of course depend on economic and political stability in the months and years to come.
New vs Old
With this in mind, are you thinking about buying a car? Well if you are these are the top 5 models that have been popular amongst buyers this April:
1. Ford Fiesta
2. Ford Focus
3. VW Golf
4. Vauxhall Corsa
5. Nissan Qashqai
Any of those strike you’re fancy? Well if not, now may be the perfect time to pick yourself up a second-hand model, as from the looks of it there’s going to be a lot of them coming onto the market as people trade in! But what are the pros and cons of buying a new car compared to opting for an older model? Well, you can find out here.