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|SMMT UK monthly registration figures for March comment from Close Brothers Motor Finance|
|Wednesday, 05 April 2017|
Paul Kaye, Sales and Marketing Director at Close Brothers Motor Finance, comments on the SMMT UK monthly automotive registration figures for March: “The demand for new cars in March was given a much needed boost following a quiet February. Car buyers held out for the new 17-plate and took advantage ahead of the VED rate changes.
“Despite growth picking back up, rising inflation and the impact on consumer spending could produce headwinds on new car growth and we are already seeing changes in consumer buying patterns. Dealers need to ensure they’re aware of current trends, as 40% of dealers see consumer behaviour changes as one of the greatest threats to their business in the coming months.
“Consumers are 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, which could be good news for dealers in the used car market.”
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