Car market up 26.4 percent in February, despite the return of VAT to 17.5 percent. The figures continue to be boosted by the scrappage scheme as it accounted for 19.6 percent of registrations. The market was already down 21.9% in February 2009 on the year before.
· New car market climbed 26.4% in February to 68,686 units.
· Private buyers lead growth with business demand also strengthening.
· Scrappage scheme accounted for 19.6% of the February new car market.
· Government urged to defer new car VED rise and boost business confidence post-scrappage.
From SMMT:
“Scrappage has generated eight consecutive months of growth in the new car market and we expect its benefits to stretch beyond the scheme’s closure later this month,” said SMMT chief executive, Paul Everitt.
“Industry continues to face challenging market conditions, but positive trends in the fleet and business sectors suggest that negative impacts can be minimised. Strengthening business and consumer confidence remains industry’s priority. A clear and consistent approach to CO2 based taxation and improved access to affordable credit are essential elements in sustaining recovery in the new car market.”
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