British car sales to level off after hitting 10-year high
LONDON: Britons bought nearly 2.5 million new cars last year, the most in a decade and almost 10 percent more than in 2013, as economic optimism and cheap finance cemented the country’s position as the brightest auto market in Europe.
Sales should rise again this year, but much more slowly as pent-up demand starts to ebb and motorists face the risk of higher taxes after May’s national election, an industry body said.
The Society of Motor Manufacturers and Traders said new car registrations totalled 2.476 million in 2014, up 9.3 percent on 2013, above the long-run average and the highest number since 2004.
“For the market as a whole, we expect a more stable 2015 as demand levels off,” the SMMT said. Its chief executive Mike Hawes saw growth in 2015 of 2-3 percent.
“Current levels are hugely positive, and flat sales this coming year, or even a slight reduction, should still be seen as a positive position, and not a tale of woe,” said David Raistrick, an auto industry specialist at accountants Deloitte.
Reuters
