Car sales on finance up a third on a year ago
18 May 2012
Wed, 12 Nov 2008
According to recent report, car companies that are trying to invigorate customers to purchase new vehicles are facing an uphill struggle. Despite the recent Bank of England interest rate cut by 1.5 per cent, the ailing car market will need a much greater kickstart, experts indicate.
New car sales, used car sales and car finance sales have all slumped in recent months. According to Society of Motor Manufacturers and Traders, new cars sales are particularly badly hit. Sales are predicted to fall below 2 million next year, the lowest level since 1995.
The cost of living and high fuel prices have made many motorists rethink their driving and car purchase plans. The benefits of new cars are not realised by many buyers. The communications director at Citroen UK, Marc Raven, reportedly commented: There are still so many misunderstandings surrounding the efficiency of new cars, even larger family cars . We are doing a lot to increase understanding of our CO2 emissions, but we have a lot of messages to get out there.
