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|Chris Bosworth comments on the SMMT UK monthly automotive figures|
|Monday, 06 March 2017|
|Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the SMMT UK monthly automotive registration figures for February: “Though 2017 started in similar vein to 2016 – with record growth of new car registrations – this golden era for the new market couldn’t last forever, and we anticipate today’s figures could demonstrate that we have reached a short term peak in buying patterns. Already over the course of the last year, we have started to see consumers flock to the used-car sector, preferring to finance 1-3 year ‘nearly new stock’ over brand new vehicles. Given the quality and value of cars available in this market, as well as the general economic outlook, we expect that this trend will continue in coming months. What we are now beginning to see is a slowdown in the business and fleet markets and therefore no longer compensate for the weakness in the private market.”|
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