New car sales slump, finance to follow suit

Fri, 05 Sep 2008



New car sales slumped in August, down almost 20 per cent on 2007 figures. Car finance sales are expected to follow suit.

The Society of Motor Manufacturers and Traders found that new car registrations fell almost 20 per cent to 63,225 when compared with stats from August 2007. The fall, according to SMMT, is down to lower consumer confidence, economic pressure, and government failure to act.

The chief executive of the SMMT, Paul Everitt, reportedly commented: "August is one of the quietest months for the new car market, but this year it was the lowest since 1966."

The society has changed new car sales forecasts, dropping forecasts for 2009, due to fears that more buyers will stay away from showrooms.
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