The motoring industry may be feeling the pinch from the credit crunch, but sales of green cars are on the rise according to new figures from the Society of Motor Manufacturers and Traders.
According to its statistics, only 153,420 new vehicles were registered in July – down 13 per cent compared to last year’s figures, and the third successive month to show falling sales. However, despite the overall slump at dealerships across the UK, sales of alternatively fuelled vehicles actually rose by 19.4 per cent during the month.
The general slump in the motoring industry can be attributed to numerous factors – money is much tighter following the credit crunch, there are some fears over the Government’s vehicle excise duty plans and the cost of fuel has increased by more than 20 per cent since the year began.
Clearly the emphasis is on carmakers to produce more fuel efficient vehicles as quickly as possible as demand is there. Car dealers have also urged the Government to lower interest rates, but the Monetary Policy Committee chose to freeze Bank rate at 5.0 per cent in its monthly meeting on August 07.
According to the research, the best-selling models in July 2008 were:
- Ford Focus
- Ford Fiesta
- Vauxhall Corsa
- Vauxhall Astra
- Volkswagen Golf
- Peugeot 207
- BMW 3 Series
- Vauxhall Zafira
- Ford Mondeo
- Audi A4
Meanwhile, used car values are also expected to be affected – EurotaxGlass, publisher of car-price ‘bible’ Glass’s Guide believes values will fall by 12 per cent between now and Christmas.
