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New 15 Registration Plates Boost March Car Sales

The unveiling of the new 15 plate has awarded the UK the best car sales ever in March. This extends the industry record run of growth into its 4th year. Sales are growing because of easily accessed credit, finance packages, reductions from car makers, customer confidence and rapid economic growth. Dealers all over the UK sold 492,774 new cars in March, up 6% compared to March 2014. Giving it the title of the best March on record. These sales have been the best monthly performance since the UK switched to the semi-annual plate-change system in 1999. Prior to this sales were focused in August when buyers looked for new plates and monthly sales were around 500,000. March is the most important month for car sales in the UK. It accounts for nearly a fifth of annual sales. It also gives car manufactures an indication of how their cars will sell for the duration of the year. The UK Society of Motor Manufactures and Traders are expecting a growth of 1-2% for registrations this year. Mike Hawes Chief Executive of SMMT said “We expect a more stable market over the year ahead. But the fundamentals are still there. There’s still economic confidence, there’s still relatively low interest rates which makes for cheap finance packages”. Car sales are also improving within Europe. Five of the European Union markets have recorded growth last month, Germany and France up almost 10%, Italy up 15% and Spain – supported by a scrappage scheme – up more than 40% in March. Chris Sutton the managing director for Black Horse a motor finance specialist said “The industry has for a while been suggesting that demand will ease for new cars but based on current data it is hard to predict when this growth will slow down. The continued low interest environment couples with attractive and affordable car finance, deals continue to play a strong role in maintaining growth in this part of the UK economy.” It’s good to see that the motoring industry is recovering from the financial recession and working to its full potential. Are you going to buy a 15 plate car this year? What is your dream car? Let us know in the comments below!

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