Strong car sales growth in December
13 January 2010
The end of 2009 saw strong growth in car sales, according to the latest figures from the SMMT (Society of Motor Manufacturers and Traders).
New car registrations were up 38.9% in December, compared with the same month in the previous year. The SMMT attributed some of this growth to the car scrappage scheme and a surge in car buyers looking to make a purchase before January`s VAT rise.
The figures may also reflect improvements in the car finance market, according to a car finance expert at Think Money.
"There have been a number of signs in recent months that the credit market is improving, and car finance is one part of that. Figures from the FLA (Finance & Leasing Association), for example, show a 6% increase in the value of car finance provided by its members in October. As consumers become more confident about making larger purchases, we could see car sales rise further.
"However, we do advise car buyers to try to minimise their costs where possible, and one way of doing that is by speaking to a car finance adviser about where to find the best deal."