UK new car registrations improved slightly in October, with total registrations rising from 106,300 in 2021 to 134,300 in 2022.
According to the Society of Motor Manufacturers and Traders, private new car registrations totalled 62,700 in October, above 2021s 58,400 print, but below October 2018’s 69,200.
The SMMT said October’s increase likely reflected “a partial recovery” in real incomes due to the government’s Energy Bill Support Scheme and Cost of Living grants. However, sales were still a “significant” 11.8% below their 2015-to-2019 October average.
Looking ahead, the SMMT reckons new car registrations will remain below pre-Covid norms for at least the next 12 months, given that consumer confidence “remains on the floor” and real disposable incomes look set to take “a further battering” in 2023 due to the watering down of government support for energy bills in April, austerity measures, and higher unemployment.
“All told, then, we expect car sales to remain around 10% below their pre-Covid level until at least the second half of 2023,” said the SMMT.
Reporting by Iain Gilbert at Sharecast.com
