PwC Comments: New Car Registration Hit 10-Year High

As with previous years, March has proven to be a good month for new car registrations. Phil Harrold, automotive partner, PwC, said:

“The launch of the 14 registration plate has seen volumes rise to 464,284 registrations, a 17.7% rise on the previous year, mainly in the private ownership market. This reflects the continuing confidence of the private car buyer and the crystallisation of deferred purchases through the recession. New model launches and continuing cheap finance deals are fuelling this growth, the highest for ten years.

“The threat of rising interest rates may act as a brake on demand in the future; hence my belief is that demand will return to more stable growth rates. One feature worthy of note is the growth in alternatively fuelled vehicles, which have risen 64% to 8,713 registrations, as motorists seek ever more fuel efficient vehicles.”