February +26.4% in February

It seems the recovery of the new car market is making continued progress, with February registrations up by +26.4% to 68,686 vehicles. The latest figures, released today by SMMT, show that private buyers confidence is obviously returning at 44.8% share, the same as January. The other notable fact being scrappage contributed 19.6% of all registrations in February.

Looking at February compared to 2008 shows comparable figures, with Feb-08 at 69,610 albeit this projected as 5.4% below expectations.

Below are the key facts from the latest SMMT report:

New car market climbed 26.4% in February to 68,686 units.
Private buyers lead growth with business demand also strengthening.
Scrappage scheme accounted for 19.6% of the February new car market.
Government urged to defer new car VED rise and boost business confidence post-scrappage.

“Scrappage has generated eight consecutive months of growth in the new car market and we expect its benefits to stretch beyond the scheme’s closure later this month,” said SMMT chief executive, Paul Everitt.

“Industry continues to face challenging market conditions, but positive trends in the fleet and business sectors suggest that negative impacts can be minimised. Strengthening business and consumer confidence remains industry’s priority. A clear and consistent approach to CO₂ based taxation and improved access to affordable credit are essential elements in sustaining recovery in the new car market.”