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Demand for new cars by private buyers declined in June

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Demand for new cars by private buyers declined in June

That’s according to The Society of Motor Manufacturers and Traders

Purchases of new cars by private buyers declined in June compared with the same month last year, preliminary figures show.

The Society of Motor Manufacturers and Traders (SMMT) said the overall new car market grew slightly year-on-year, due to an increase in purchases for fleets owned or leased by businesses or other organisations.

This means more than one million new cars were registered in the first half of the year for the first time since 2019.

The overall new car market during the first six months of 2024 was up by around 5% compared with the same period last year.

The market share of pure battery electric new cars remained on a par with last year, at around 16-17%.

Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said: “June marked the eighth consecutive month of decline in retail sales – quite a contrast to the months of huge demand we’ve been tracking in the used car market.

“With average new car prices rising almost 40% over the last five years, it’s clear cost is the culprit.

“Manufacturers are responding with discounts but they’re failing to keep pace, which is forcing many buyers to opt for a used alternative.

“Whoever forms the next government needs to address electric car affordability and provide long-term stability for the market.”

Published: by Radio NewsHub

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