New car sales at a 10 year high in the UK 0

fordfiestaSales of brand new UK cars have reached a 10 year high. Results have been heavily influenced by the economic recovery, according to the Society of Motor Manufacturers (SMMT).

Records show that 2.47 million cars were registered in 2014, representing the best figures since 2004 along with a 9% increase on 2013. Sales patterns of last year illustrated elevated from month to month. Altogether, that pattern has continued for 34 consecutive months.

 Pre-recession levels are back

New car sales across the world were hit badly during the worldwide economic crisis. Under 2 million cars were sold in 2009 and 2011. SMMT are confident that those days are over and the UK car industry is back to the pre-recession days. Only in 2002, 2003 and 2004 were there more new car registrations compared to 2014. This leaves the UK remaining at number two for new car sales within the EU. Germany are the current number one.

Electric cars starting to take off

The UK market seem to be taking to the idea of electric cars more and more, with sales in 2014 recorded at 14,498,  a figure which has quadrupled from 3,586 compared to 2013. Fears such as range anxiety are being eased with electric and hybrid technology advancing all the time, naturally radiating confidence to the car buyers.

Reasons behind the high sales figures

Many reasons are behind the growth of new car sales. Firstly, an economic recovery naturally means a growth in wages with consumers naturally feeling more confident about buying a new car. PPI payouts are said to be a factor, along with those who decided to trade their in as part of the 2010 scrappage scheme.

Ford UK chairman, Mark Ovenden, highlighted the strength of the pound and its relationship with the new car market throughout Europe. Effectively car producers have been attempting to sell more vehicles in the UK, allowing prices to be kept competitive.

Attractive finance packages have also contributed to the 10 year high achievement of new car sales. The Finance & Leasing Association have indicated that the best part of all new cars purchased were done so using credit. Ford have stated that 94% of cars were bought on finance through their dealerships.

Economic growth and heavy investment within the UK automotive industry suggests that this year will exceed sales of new cars in 2014.

Once again Ford came out on top again as their Fiesta model was recorded as the best selling car here in the UK. Behind it was the Ford Focus followed by the Vauxhall Corsa.

Top 10 best-selling UK cars 2014

1. Ford Fiesta: 131,254

2. Ford Focus: 85,140

3. Vauxhall Corsa: 81,783

4. Volkswagen Golf: 73,880

5. Vauxhall Astra: 59,689

6. Nissan Qashqai: 49,909

7. Volkswagen Polo: 48,004

8. Audi A3: 45,581

9. Fiat 500: 44,005

10. Nissan Juke: 39,263