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New car sales at ten-year high

drivingUK new car sales reached a ten-year high in September as motorists flocked to find new vehicles, the Society of Motor Manufacturers and Traders has revealed.

The SMMT showed 425,861 vehicles were sold in the month, up 5.6% than in September 2013, marking a 31st successive month of growth.

September is traditionally a strong month for sales as new registration plates are released during the back end of August.

However, the figures point to stronger than normal growth this year, while figures for the year to date show more than two million have so far been sold.

That’s 9.1% more than by the same point last year, highlighting the “robustness of the UK new car market,” according to SMMT chief executive Mike Hawes.

“Demand for the new 64-plate has been boosted by intensifying confidence in the UK economy, with consumers attracted by a wide range of exciting, increasingly fuel-efficient, new cars,” he added.

The market has noted extended growth and is showing signs of cooling slightly, after March saw an 18% jump in new vehicle registrations.

“In the months since March…the growth has shown signs of levelling off as the market starts to find its natural running rate,” added Mr Hawes.

The UK car sales figures also underline overall confidence in the economy according to David Raistrick, a UK automotive expert at Deloitte.

“If the new car sales are representative of the performance of the UK economy, there are further signs that confidence within the business sector is improving,” he said.

He added that the UK market has “consolidated its position” behind Germany as the second largest market for new cars and added that it is “almost a third larger than France in third place”.

Financing new car purchases can be a considerable outlay for anyone but there are financial options available that can make the process easier.

Car loans can provide the necessary funding, providing that an individual can afford the repayments within any agreed timescales.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074