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New Car Market Hits Record High

The UK new car market has hit a record high for 2015, after the fourth consecutive year of growth, according to the SMMT figures. 2,633,503 cars were registered, beating the previous record set in 2003 when 2,579,050 new cars were registered. This is the first time the market has passed the 2.6 million mark.

Overall the market rose by 6.3%, supported by a bumper December which has been noted as the biggest December on record with an 8.4% increase. These figures have exceeded all forecasts, with growth being enjoyed across all sectors. Fleet demand was at its highest ever level surpassing 1.3 million vehicles in 2015 and the private sector has also seen an increase of 2.5%.

“The new car market defied expectations in 2015, hitting an all time record driven by strong consumer and business confidence. Buyers took advantage of attractive finance deals and low inflation to secure some of the most innovative, high tech and fuel efficient vehicles ever produced. The past four years have seen a remarkable period of sustained growth, and the outlook remains positive with every reason to expect the market to hold broadly steady in 2016,” said Mike Hawes, SMMT chief executive.