New car sales soar

The car scrappage scheme has undeniably helped new car sales to rally. October figures show that 170,000 new vehicles were sold last month, up a third on last October and the largest leap in motor industry performance this year.

One in five of the new motors were ordered via the car scrappage scheme, which pays buyers 2,000 pounds to trade in an old vehicle . The Society of Motor Manufacturers and Traders claimed that buyers are looking for deals before the VAT rate goes back up to 17.5 per cent.

However, some car industry experts forecast a difficult time ahead. RAC expert Adrian Tink was reported in car finance news as commenting: The acid test will be how sales react when VAT goes back up and the scrappage scheme ends. The real worry is that car sales will dip once again once the crutch of financial incentives are removed.

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New car sales soar

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